The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
TIV,
:
111111M131
financial
runtrie
INCLUDING
Railway& Industrial Compendium
Public Utility Compendium
Municipal
State &
Railway Earnings Section
Compendium
SATURDAY, OCTOBER 2 1926
VOL. 123.
Stu Throutzte
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75
NOTICE.—On account of the fluctuations in the rates of exchange.
remittances for European subscriptions and advertisements must be made
In New York funds.
Subscription includes following Supplements—
COMPENDIUMS-SECTIONS—
PUELIO UTILITY (semi-annually)
BANE AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL (seOrd.ann.)
RAILWAY EARNINGS (monthly)
STATE AND MUNICIPAL (semi-annually)
BANKERS' CONVENTION (yearly)
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
Oiticano Oirrics—In charge of Prod. H. Gray, Western Representative.
208 South La Salle Street. Telephone Harrison 5616.
LONDON 017101--EdWarda & 8MIL11. 1 Drapers Gardens. London, E.0
WILLIAM B. DANA COMPANY, Publishers,
Front, Pine and Depeyster S
• New York
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs;
Treas. William Dana Seibert; Sea. Herbert D.Seibert. Addresses of all, office of CO.
The Financial Situation.
During the early part of the week transactions on
the New York Stock Exchange were in steady volume around 1,500,000 shares daily, with a slight
tendency toward decline in prices and with the market evidently under attack at various points on a
fear of higher call money rates. However, notwithstanding the announcement of a 6% rate on Thursday, the market indulged in a burst of strength with
increasing activity. The advance was still more pronounced on Friday, carrying the Dow-Jones industrial average to 159.68, which compares with 158.65
at the close on Friday of last week. The movements
in other classes of stocks were practically parallel.
Bond prices showed a distinct although slightly declining tendency, the average of 40 industrial bonds
falling off about 1
/
8 of a point.
During the week General Motors and United
States Steel have continued to lead the market, the
latter recovering 5 points between the low on Friday of last week and Saturday, making a threepoint gain during the present week. Du Pont de
Nemours received perhaps the greatest amount of
attention, with increased activity and an advance of
more than 40 points. The Du Pont company owns
1y2 shares of General Motors for each share of its
own stock now outstanding, on the basis at which
the,two stocks are quoted at present. During the
summer, when General Motors was staging its great
recent advanc- Du Pont kept pace, following the
strength of General Motors, but the advance during
the past week has been on its own account, the spread
between the two stocks being materially increased.
Kennecott Copper was very active during the week,
Bank and Quotation Section
Bankers' Convention Section
NO. 3197.
with sharply advancing prices in expectation, perhaps, of better copper conditions through the revived Export Association.
It is interesting to analyze the changes in prices
of the stocks which make up the Dow-Jones industrial average. The low point of this year was reached
on March 30, when the average stood at 135.20, the
high point on Aug. 14, with the average at 166.64,
and the average closed Friday night at 159.68. During the period of advance from the low to the high
point, all stocks advanced excepting one, United
States Rubber, which declined from 67 to 601/
4. On
the other hand, the great advance made by the average was very largely based upon the big advances ofa
few stocks, namely General Motors more than 100%,
and Allied Chemical and American Can about 30%
each. United States Steel, Sears-Roebuck, General
Electric and American Smelting also made notable
advances of from 18% to 25%. Advances of from
10% to 15% were made by Western Union, Woolworth, Texas Co., Remington Typewriter, International Harvester, Famous Players, American Sugar,
and smaller or only nominal advances were made by
American Car & Foundry, American Locomotive
and American Telephone. During the period from
Aug. 14 to the present time, eleven of the stocks
have declined, and the remaining nine have advanced, including General Motors, which has made
a conspicuous advance, and American Locomotive, American Telephone, Famous Players, American Sugar, Texas Co., United States Rubber
and Western Union. During the period under
consideration the status of three of the principal
stocks has been changed on account of stock dividends, namely General Motors, General Electric
and Famous Players. These various cross-currents
and variations go to show how difficult it is to calculate an average of this kind, and how many exceptions must be kept in mind in connection with any
deductions made from it. The individual stocks are
constantly moving according to changes in value or
appraisal of value, or under the pressure of speculative movements. The averages, however, do show
short-time tendencies.
Car loadings reported for the week ended Sept. 18
again broke all records, standing at 1,187,011 cars,
as compared with 1,031,081 the week previous and
1,151,346 the previous record, established during the
week ended Sept. 4, the new record being 35,665
cars in excess of the old. The Irving Fisher commodity index for the week ended Sept. 4 showed a
drop of y2 point to 147.8. This probably is largely
accounted for by the drop in cotton, which declined
further during the week, October options reaching
1668
THE CHRONICLE
13.9c. on Friday. On Monday brokers' loans were
shown to have dropped $57,950,000 during the week.
This came as a great relief after an increase of
a slightly smaller amount in the previous week.
This is the season of the year when there are heavy
short-time cross-currents in the money market. Government tax paying and financing, heavy October 1
interest and dividend payments amounting to more
than $500,000,000, maximum requirements for funds
in moving crops, and rising demand by business in
general on account of the larger volume of trade in
the fall, all combine temporarily to increase money
rates and to bring about an unusual movement of
funds. During this period trends are lost sight of.
The reports of brokers' loans during the next three
or four weeks will be of more significance than those
for the last two.
The returns of the railroads for the month of August have been for the most part very gratifying,
with net earnings indicating material increases over
those of a year ago, bringing the level of net income
on the capital investment of the roads up to a more
nearly normal level. Various analyses have shown
that the railroads in August earned at the rate of
more than 6% upon capital investment. Calculations of this kind at the present time cannot be relied upon for the reason that the values of the railroads, which will eventually be agreed upon between the Inter-State Commerce Commission and
the companies themselves, are not known at present.
Furthermore, there is such seasonal variation in
railroad earnings, with the earnings largest almost
invariably in the latter part of the year, that
monthly figures should not be given too great significance. The fact remains, however, that railroad
earnings are rising above levels of past years, when
they were unsatisfactory, and are reaching a plane
which gives promise of eventually reaching the objectives of the Railroad Act of 1920.
Bonds of the Chicago Milwaukee & St. Paul Railway Co. showed some strength during the week on
the arinouncement that the reorganization would
soon be put into effect. On Tuesday, Judge James
H. Wilkerson, of the United States District Court
at Chicago, ordered sale of the company's properties under foreclosure of its mortgages on Nov. 22 at
Butte, Mont., at a minimum price of $122,500,000.
This is the essential step in preparation for the carrying out of the plan. The increase in earnings,
which has occurred during the year, gives promise
that the carrying out of the plan will be possible.
During the three-year period, 1923-1925, St. Paul's
income declined from $19,793,700 in 1923 to $16,677,380 in 1925, although during that period fixed
charges rose by more than $1,000,000, reaching $20,544,329 in 1925. During the first seven months of
the current year net income has been more than
twice the amount earned in the first seven months of
1925. The fixed charges will, of course, be greatly
reduced in reorganization, but the rise in income is
most gratifying in that it will assure the carrying
out of the plan.
Foreign Minister Stresemann of Germany secured
from the Cabinet approval for what he did at Geneva, particularly his negotiations with Foreign
Minister Briand of France with respect to a comprehensive settlement of all important questions
pending between the two nations. This approval
[vol.. 123.
was given on Sept. 24, following a two-hour meeting of the Cabinet. In a dispatch that evening the
Berlin correspondent of the New York "Herald Tribune" observed that, "now that the Cabinets of the
two nations have formally approved the negotiations initiated by Foreign Minister Briand of France
and Dr. Stresemann at Thoiry it is expected that
French experts will arrive in this city early in October to clear up all the technical obstacles and that
another meeting between Dr. Stresemann and M.
Briand will follow, probably on the soil of a third
country. An official communique was issued after
this morning's Cabinet meeting along the lines of
the statement given out after the meeting of the
French Cabinet last week. The German communique, after saying that the German Cabinet heard
Dr. Stresemann's reports on Germany's entry into
the League of Nations and his conference with M.
Briand at Thoiry, contains this important sentence:
'The Cabinet approved unanimously in principle
these negotiations.'" The correspondent also said
that "the communique then added that a committee
consisting of the Foreign, Finance and Commere
Ministers was appointed to consider the application
of the Thoiry proposals in detail and report to the
Cabinet at its next meeting."
Although the French Cabinet had taken "favorable action" on the Briand-Stresemann proposals,
the Paris correspondent of the New York "Times,"
in a cablegram on Sept. 24, in referring to the
luncheon discussion of the two Foreign Ministers at
Thoiry on Sept. 17, suggested that "seldom has any
event, taken with its aftermath, shown more forcibly
the never-ending conflict between internationalism
and nationalism. Just a week ago I heard M. Briand and Dr. Stresemann tell in glowing terms how
they had planned a settlement of all differences between their two countries. Caught in the spirit
which apparently actuated the two statesmen, one
could feel, that, after all, the war was finally over,
now that France and Germany had voiced their will
to end their friction and work together for the good
of the world and; of course, incidentally, for the
good of each other. That was only a week ago, and
now we see in France a robust opposition to M. Briand's plan, which says that it all amounts only to
Germany giving something which does not belong to
her, while Dr. Stresemann could not resist the temptation to say that at last the world did not think Germany guilty of starting the war. Domestic politics
has caught the Thoiry project in its eddies. That
does not mean that good may not come out of it; but
how different it looks this Friday from what it
looked last Friday."
That the calling of a World Conference on Disarmament was being actively discussed in League of
Nations circles at Geneva was indicated in cable
dispatches from that centre last week. It was not
surprising that the announcement should have been
made in an Associated Press cablegram on Sept. 24
that "to-night the League of Nations Assembly
unanimously adopted a resolution that a general
conference for the reduction of armaments shall be
convoked before next September unless material difficulties prevent." It was added that"M.Paul Bon-*
cour, for France; Viscount Cecil for Great Britain
and Herr von Schubert, for Germany, pledged their
OCT. 2 1926.]
THE CHRONICLE
,countries to support the Conference with all earnestness." Continuing to reflect sentiment in the
Assembly with respect to, this question, the correspondent said: "Lord Cecil portrayed the world as
anxiously awaiting results from Geneva, but warned
that it would be fatal to call the conference before
arrangements were complete. If it met and failed
it *could be the greatest disaster to the cause of peace
during the existence of the League of Nations, he
declared. The German spokesman said that his
country deemed disarmament the League's greatest
task, because it vitally interested all humanity. He
emphasized that Germany had agreed with alacrity
to participate in the League's special Preparatory
Disarmament Commission before Germany entered
the League."
It was evident that Hugh Gibson, American Minister to Switzerland, helped greatly to clear up misunderstandings at Geneva relative to disarmament,
and also to secure approval of the American resolution providing "that the military and other technical sub-committees should give more technical and
less political consideration to the subjects assigned
them." In a wireless message to the New York
"Times" from Geneva on Sept. 27 it was stated that
"the American resolution laying down instructions
for the military sub-committee of the Preparatory
Disarmament Commission was adopted to-day
unanimously in revised form after the American attitude toward the disarmament effort had been explained by Minister Hugh Gibson in a statement
characterized by Lord Robert Cecil as having the
greatest historical value." It was. explained that
"the revised resolution directs the military sub-committee to concern itself with the purely technical
aspects of the problems with which it is dealing and
not to register votes save as opinions. It represents
everything contained in the original proposal, but at
the same time meets objections voiced by the Italians and Argentines who were appointed to assist
Mr. Gibson to revamp it." The Associated Press
representative at Geneva cabled that "Viscount Cecil
of Great Britain declared it was ridiculous to assume that the American delegation wanted to delay
the work of disarmament, and critics who charged
this were indeed blinded by national prejudice.
Everything, he said, showed that the Americans were
sincerely collaborating toward the success of disarmament."
1669
at the State Department. At the same time there
was a definite feeling discernible that the refusal to
accept the Senate reservations 'as written' has postponed American membership indefinitely, if it had
not completely wrecked all chances of the United
States becoming a member."
Decidedly positive statements were made by David
Lawrence in a Washington dispatch to "The Sun"
five days later (Sept. 29). He declared that "the
World Court so far as the United States is concerned is dead. Friends of the Court are discouraged. President Coolidge plans no move to resuscitate the issue, and when the various Powers deliver
their diplomatic notes they will be advised that
their reservations do not constitute an acceptance
of the American reservations. And that's all there
is to it." Continuing he said: "If the foreign Governments want the United States to enter the Court
they must modify their reservations. This is considered here unlikely, for the American Government
did not ask for a position of equality, but special
privileges of veto. There is no disposition here
among World Court advocates to ask the foreign
Governments to recede from their position and permit American entry. Senators who made a valiant
fight to get the Senate to adopt the protocol with
reservations say they have done their utmost and
that nothing more can be done. Thus ends a movement which reached a point of intensity a year ago
after organizations had been developed throughout
the country to secure the assent of the Senate. The
reservations attached were considered very complex,
but it was hoped Europe and the rest of the world
would take them."
The most recent meeting of the Assembly of the
League of Nations, which began its sessions in Geneva on Sept. 6, adjourned on Sept. 25 "without
date." President Nintchitch, in adjourning the
gathering, gave as a parting word, "The League of
Nations will one day be universal." He declared
also that "Germany's entry into the League has forever silenced those adversaries of international understanding who have complained that the League
embraced only a portion of the nations of the world,
and especially those nations which are not torn by
difficulties of vital importance." The Associated
Press correspondent reported that "the League in a
resolution declared every civilized nation should
adopt the fundamental ideas of the Locarno treaties
of conciliation and arbitration. The League CounWashington advices relative to the entrance of the cil was requested to tender its good offices to all
United States into the World Court have not been States desiring to conclude conventions of that
encouraging to ardent proponents of that idea. In character."
a special dispatch to the New York "Herald Tribune" on Sept. 24, for instance, it was asserted that
Reference has been made in another paragraph
"American adherence to the World Court, instead to the political opposition in France to the Thoiry
of being nearer as a result of the handling of the negotiations between Foreign Ministers Briand and
Senate reservations by the Court signatories at Ge- Stresemann. According to other Paris cable disneva, is farther away than ever. That is the feeling patches political opposition of a "petty" character
here, privately expressed in responsible quarters. to Premier Poincare's economy plan soon developed
The Geneva conferees have complicated our entrance after its chief features were made public. The Paris
by requiring that the United States be on a basis of representative of the New York "Herald Tribune"
equality with other members, observers hold. At cabled on Sept. 24 that, "after less than a month
the White House to-day, the official spokesman for and a half of political peace in France the factional
President Coolidge declared the President has had tea-kettle began to boil again to-day with its habitno formal notification of the action of the confer- ual menace to the existing Government. The trouees and that in the absence of it the Executive would ble-making was started by the disgruntled Left Wing
make no comment. The same attitude was adopted whose members reluctantly yielded to the idea of a
1670
THE CHRONICLE
National Union Ministry under Premier Raymond
Poincare late in July with the country then facing
-financial disaster." He further explained the situation in part as follows: "The nucleus of what appears to be an effort to reconstitute the hostile Cartel des Gauches took shape to-day when 110 politicians, including mayors of French towns, departmental chiefs from the provinces and several members of the Chamber of Deputies met at a hotel just
a short distance from the Premier's offices. Hostile
speeches were made and a deputation was sent to
Premier Poincare to demand that he immediately
• rescind certain administrative economy decrees
• which have thrown many Left Wing politicians out
of office in all parts of France. The Premier refused to receive the delegation, which then returned
to the meeting and resolved to call all Senators and
Deputies throughout the country to a big meeting
in Paris on Sunday in order to frame an organized
movement against the Government." M. Poincare's
decrees—all subject to ratification by the Chamber
when that body reconvenes late in October—served
to oust thousands of petty political job holders, who
now are bringing pressure to bear on their representatives in the central law-making body."
In defense of his economy program and in an
urgent plea for its support, Premier Poincare said
in a speech on Sept. 27 before the General Council
of the Department of the Meuse, "of which he has
been a member for 40 years," that "'the fate of the
Cabinet is linked with the fate of the economies
which have been effected by decrees. If Parliament
approves the protest of the functionaries against the
elimination of useless employees the Cabinet will go
down.' He warned his hearers that the task of
renovating French finances was only partly accomplished. There remained the task of stabilizing the
franc, which was necessarily a lengthy, deliberate
and prudent affair." Evidently Premier Poincare intends to stand firmly by his economy program. The
Paris representative of the New York "Herald Tribune" said in a dispatch on Sept. 30 that "there will
be no modification whatsoever of the French Government's drastic economy measures by which more
than 200 prefectures and mayoralties have been abolished, regardless of the outcry of deposed officeholders. This was Premier Poincare's firm and unequivocal reply to a Left Wing delegation composed
mostly of Deputies and a few Senators, which called
on the Premier and Minister of Finance to-day. The
Left's spokesman tried to talk M.Poincare out of his
Governmental cost-slashing program, declaring that
some administrative reforms would prove expensive
in the end. But in the face of this opposition M.Poincare was a veritable stone wall. Even the Left's
trump argument, that there might be a sufficient
number of disgruntled members of Parliament to
oust the present-Government when the Chamber of
Deputies reconvenes,failed to budge M.Poincare."
In an address on Sept. 26 at the National Conven• tion of War Veterans at St. Germain, near Paris,
the French Premier returned to the old question of
war guilt. He "declared Imperial Germany to have
been guilty, of starting the war. If Germany had
really changed or was really repentant he saw a
magnificent opportunity to-day for Berlin to disavow the program and acts of the old regime. Up
to the present, however, he had seen little drift in
[vol.: 123.
that direction." The Paris representative of the
New York "Times" observed that "it may be that M.
Poincare's speech will not swell German enthusiasm
over the Thoiry program. But who could have expected M. Poincare to take a different stand on the
war guilt issue? As he sees it, some one was responsible for the war. If it was not Germany,it was
the Allies, and that is something to which the French
Premier will never agree." From M. Briand's point
of view, he did not actually revive the war guilt
question. On the contrary, he charged Dr. Stresemann with having done so. The French Premier's
speech was in reply to that made by the German
Foreign Minister at Geneva at the time that his
Government was admitted to the League of Nations.
In commenting on M. Briand's reply, the Paris correspondent of the New York "Herald Tribune" recalled that Dr. Stresemann "said that the enthusiasm with which Germany had been received into the
League of Nations was proof that the other nations
considered the moral accusations of Germany's war
guilt had been erased.". The Associated Press representative in Paris in discussing Premier Briand's
speech said that, "inasmuch as it was only by persuasion that M. Briand accepted the foreign portfolio in the Poincare Cabinet after the downfall of
his own Ministry on the financial situation and because the Premier's address was entirely at variance
with M. Briand's efforts for a full reconciliation
with Germany, there is much interest in what will
occur when the next meeting of the Cabinet takes
place."
Dr. Stresemann pursued a sensible course in deciding not to reply to M. Poincare. The Berlin representative of the Associated Press said in a dispatch on Sept. 28 that "Foreign Minister Stresemann has no intention of answering Premier Poincare's speech on Sunday, in which he insisted upon
Germany's responsibility for the war, a Foreign
Office spokesman declared emphatically to-day."
The spokesman was quoted as saying also, "why
should Germany reply to a man who is looking back,
whose mind is in the past? Our mind is on the
future. These questions of war guilt, and so forth,
belong to the past." The correspondent added that
"he pointed out that in neither of the French Premier's week-end speeches was there anything to indicate disavowal of M. Briand's course in reaching
the basis of an understanding with Dr. Stresemann
during their recent conversations at Geneva and
Thoiry." The Berlin representative of the New
York "Herald Tribune" stated that, "even though
M. Poincare may not be heart and soul behind Foreign Minister Briand's policy, the German view is
that France cannot be saved without German help
and that from the force of circumstances she must
continue a policy of co-operating with this country."
The thrift of the French people and their tendency to hoard currency instead of to deposit it in
banks has been demonstrated once again this week.
In a special Paris cable dispatch to the New York
"Times" on Sept. 27 it was stated that "a huge pile
of gold and silver coins, some of which had been reposing in the heels of stockings and the middle of
mattresses for many years, lies to-night in the coffers of the Bank of France." The proceeding was
further explained in part as follows by the "Times"
OCT. 2 1926.]
THE CHRONICLE
correspondent: "Several thousand men, women and
children of all ages and classes contributed to this
precious store to-day when the Bank began buying
French and foreign gold and silver money under the
special Parliamentary sanction given with the hope
of materially increasing the gold reserve of France,
to be used at a later date for purposes of stabilization. The results of the first day are far beyond the
most sanguine expectations, at lease1,000,000 francs
being obtained in Paris. Reports from the provinces
say that in several places, notably Nancy, Rennes
and Bordeaux, special police had to be hastily called
to preserve order in the long lines of people eager to
sell their savings. More than 1,000,000 francs worth
of gold was received by the agencies of the Bank
throughout the country, bringing the day's total to
well over 2,000,000 franc4. The gold louis is being
purchased at the rate of 114 francs 60 centimes paper
for a gold louis worth 20 francs gold. The largest
amount of gold offered brought 3,000 francs and
scores came with just a few pieces done up in faded,
worn handkerchiefs. But at the branch in Rennes,
a dispatch from that city says, a woman brought
100,000 francs gold, while many others dug up their
hoardings from secret places on their property.
Small amounts of American silver made their appearance in several towns and was purchased along
with French coins. It has been estimated that gold
and silver valued at between 1,000,000,000 and
2,000,000,000 francs is in the keeping of the people
of France and not a small portion of this is thought
to be buried in the ground."
Two days later (Sept. 29) it was claimed in a special Paris dispatch to the New York "Times" that
"to-day was the biggest day of all." It was added
that "the people of France have.sold more than
100,000,000 francs worth of gold and silver to the
Bank of France during the last three days."
France is planning an internal loan for 3,000,000,000 francs. Announcement was made in Paris on
Sept. 25. In a wireless Paris message to the New
York "Times" that evening it was stated that "huge
posters announcing a French tobacco loan of 3,000,000,000 francs made their appearance to-day on the
Paris billboards." The "Times" correspondent also
said: "Although it was stated that the books will
be open from Oct. 7 to 15 at the latest, Finance Ministry officials express the belief that 48 hours will
be sufficient for the sale of the entire issue. The
belief is based on the nation-wide requests already
received at the Government offices. It is recalled
that an issue of 6,500,000 francs in bonds, payable
exclusively in National Defense bonds, was guaranteed by the receipts of the national sinking fund,
consisting largely of the earnings of the tobacco
monopoly. Treasury literature during the past few
weeks in the form of newspaper advertising has been
advising citizens to invest freely in the National
Defense bonds with the expectation of the franc rising toward 125 to 130 to the pound sterling. On
the other hand, an announcement that the Bank of
France is ready to purchase gold coins at 19.75
francs per gram gold indicates a pound rate of 129
francs. This coincidence is taken by many to represent fairly closely the actual stabilization rate of
the franc aimed at by the Government—approximately 26 francs to the dollar. The Bank of France
published an explanatory communique this morn-
1P71
ing, indicating that it wished to purchase gold, and
that the price established should not be considered
purely with reference to the coins. The latter, however, will be accepted according to established rates,
unless underweight, when the scales will be used
and the .percentage of other metals included in the
coins will be deducted."
•
Notwithstanding the efforts of the French Government and the Bank of France to build up the
gold reserve by buying currency from the people, the
Paris representative of the New York "Times"
claimed in a dispatch on Sept. 29 that "stabilization of the French franc is not among the immediate
plans of the Poincare Government. The Premier
believes that eventually permanent value above the
present rate can be given to the paper franc. Furthermore, he believes the schemes he has undertaken
for balancing the budget, for additional taxes, for
the establishment of a sinking fund for the floating
debt, etc., must be carried further before stabiliza:
tion should be undertaken. As he has said often, le
is working for stabilization in fact before attempting stabilization by fiat." He suggested, furthermore, "that explains why in his Bar-le-Due speech
on Sunday he made no mention of stabilization and
why in his interview yesterday with the Belgian
Minister of the Treasury the French Premier found
himself unable to promise Brussels that Paris would
undertake contemporaneously an effort to stabilize
Belgian and French money."
In one of several speeches at the beginning of the
week Premier Poincare reiterated what he and other
prominent men in the French Government had said
often, viz., that France would pay her just debts.
A Washington correspondent of the New York "Evening Post" said in a dispatch on Sept. 28 that "Premier Poincare's reaffirmation of France's intention
to pay her war debts on the basis of capacity to pay
was interpreted here to-day as a favorable sign for
the Mellon-Berenger agreement." He added that
"Treasury officials, from Secretary Mellon down,
again made it plain that the statement was based
whoiy on the capacity of France, now and in the
future. The long series of negotiations, involving
as they did the participation of experts of both sides,
were concerned mainly with that end in view."
The campaign, both in Europe and the United
States for cancellation of all international war
debts is being continued. In a wireless message
from London to the New York "Times" on Sept. 294
it was made known that "in a long editorial tomorrow's London 'Times' will declare that Europe will do well not to hope for any change in the American attitude toward the war debts for some time yet, but that within a few years Americans are
bound to realize that reparations and debts cannot
be paid to the extent politicians now contend, and '
that if the present American tariff is maintained
reparations and debts will not be paid at all." It
was stated also that "the view of the London 'Times"'
is that the coming elections will not change the•
mind of the vast bulk of Americans on the debt issue;
because in America 'popular education is done
rather in spite of than by the politicians.' Instead,
therefore, of pinning its hopes for an American
change of heart on the politicians, it looks to the
small but influential body of American thinkers who
THE CAIRONICLE
'in growing, if insufficient, numbers' are seeking to
have their countrymen see the debt problem as the
Europeans see it."
Apparently the French have started another campaign against the payment of war debts. The Paris
representative of the New York "Times" cabled on
Thursday evening (Sept. 30) that, "in rather remarkable collaboratiaon, numerous Paris newspapers to-day comment on the debt settlement with
America in a manner which would almost seem to
justify the presumption that they were inspired.
The consensus of comment is, that France cannot
ratify the Berenger treaty without a safeguard
clause. Indeed it would appear that Premier Poincare after first opposing ratification and then advocating it as part of his financial program, prior
to the adjournment of Parliament, has now reverted
to advocacy of a reservation incorporating a transfer provision. It is certainly difficult to discern
any evidence that France is nearer simple approval
of the Berenger agreement than when Parliament
adjourned seven weeks ago, at which time the majority of her Deputies unquestionably opposed ratification."
Quite a different view of the situation was given
in a special Paris dispatch to "The Sun" last evening. It stated that "the French Government has
informed the American Government that it intends
to present the Washington debt agreement for ratification soon after the Legislature reconvenes, perhaps a month hence, but adds that it considers ratification possible only if the French Legislature prefixes to the agreement a preamble containing certain reservations. The French Government intends
to leave the nature of these reservations to the Legislature itself, but it is known they will cover the socalled safeguard and transfer questions. All this
means that the French Government, in urging ratification, intends to make clear at the same time that
if the transfer of francs into dollars makes the franc
fall, or if the German reparations payments fall far
below what is expected, France will be obliged temporarily to suspend payments under the Washington agreement. The correspondent's impression is
that ratification without reservations at the piesent
time is impossible. Even with reservations the fate
of the agreement in the Legislature is uncertain.
Much doubtless will depend upon Washington's
attitude toward the proposed reservations."
Things have not been going well for the new
Polish Government. A struggle has been on between
the Cabinet and the Parliament. According to a
special wireless message from the Warsaw correspondent of the New York "Times" on Sept. 27,
"begun amid the roar of cannon, rattle of machine
guns and rifle fire, Poland's revolution reached a
new phase to-day when the recalcitrant National
Assembly was virtually ignored through the establishment of new European fashion of making a
Cabinet in crises due to matters of minor importance." It was added that "the Cabinet incurred
the utmost distrust at the recent session of the
Sejm and was rebuked by a vote of no confidence
against two of its members, and whereupon Premier
Bartel, after hastily consulting the absent dictator,
General Pilsudski, returned and put back the members he had before, thereby defying the Lower
•
House."
[voL. 123.
Apparently the situation became more acute, and
worse for Marshal Pilsudski each successive day.
In another special wireless message from Warsaw
to the "Times" on Sept. 30 the latest developments
were outlined in part as follows: "Marshal Pilsudski's power as dictator apparently crumbled tonight before the assault of the supposedly tamed
Sejm, which he despised and called the chief enemy
of the nation in the May revolution. The Lower
House of the Diet stood fast upon the Senate's slashing of the budget by 500,000 zloties and its opposition to two members of the Cabinet, twice thrust
upon it. In the face of the impending vote of no
confidence the whole Cabinet of the Bartel Government resigned. President Rataj of the Sejm announced the resignation and the Sejm adjourned,
but did not dissolve, leaviing the way open for Marshal Pilsudski to attempt to force the same Government upon the body again. When President Rataj
announced the resignation a storm broke out on the
floor of the Lower House. The situation is one of
the most muddled in recent European Parliamentary
affairs. The outcome may be the breakdown of the
Pilsudski dictatorship entirely, resumption of Soviet hostilities against the weakened State or establishment of a Government free from military menace."
Word came from Warsaw last evening that Marshal Joseph Pilsudski "to-day accepted the task of
forming a Cabinet to succeed the resigned Cabinet
of Premier Bartel." It was added that "President
Moscicki offered the Premiership to Pilsudski today. Bartel resigned yesterday after the Diet by a
vote of 206 to 94 had indorsed the Senate's action in
reducing the total of the Government's budget."
According to an Associated Press dispatch last evefling, "Marshal Pilsudski will retain M. Bartel as
Vice-Premier and will still keep the war portfolio
for himself. All but three of the Bartel Cabinet will
be retained. The new Ministers will be General
Slawoj-St. Ladkowski, as Minister of the Interior;
Karel Niezavytowski, as Minister of Agriculture,
and Alexander Meysztowicz, as Minister of Justice."
Premier Mussolini of Italy and Sir Austen Chamberlain, British Foreign Secretary, had a conference on Sept. 30 on board the yacht "Giuliana" anchored in the harbor at Leghorn, Italy. The conference lasted one hour, according to an Associated
Press dispatch the same afternoon. It was reported
also that "when they reappeared both statesmen
were smiling, expressing satisfaction at the result
of their meeting." In a cable message from Rome
the day before it was claimed that "political and
diplomatic circles in Italy attribute immense importance to the coming interview, especially in view
of the amicable ties existing between the Italian
Premier and the British Foreign Secretary."
On the other hand, in a cablegram from London
on Sept. 30 it was stated that "the British Foreign
Office has announced the meeting between Foreign
Secretary Chamberlain and Premier Mussolini was
arranged at the request of the Italian Premier. Be-yond stating this, the Foreign Office has refused to
make any comment. British officials, on the whole,
have shown little interest in the expected meeting
and have been reticent to discuss it. This lack Of
interest is reflected in the lack of public curiosity
regarding what the Foreign Secretary and Premier
OCT. 2 1926.]
THE CHRONICLE
Mussolini will discuss, being in sharp contrast with
the intense Continental discussion that has been
aroused. Britigh newspapers make no comment on
the meeting and Parliament is so concerned over the
protracted coal tie-up that it has not mentioned it."
While a communique was issued after the meeting
between the two statesmen, as usual with those documents, it did not convey any real information as
to what had taken place. In a wireless message
from Rome to the New York "Times" that evening
it was reported that "general Italian feeling is that
the meeting between Mussolini and the British Foreign Secretary marks one of the most important
events in the history of this country since the last
war, as it is held to prove that the traditional friendship between Italy and England still exists and, indeed, has been strengthened by recent happenings,
so that the two countries can work together in all
those _questions in which they have mutual interests,"
At last formal announcement has been made of
the consummation of the so-called European "Steel
Trust." This was done in Brussels Thursday afternoon, Sept. 30. It had been in process of formation
for some months, but as usual in such undertakings,
various "hitches" occurred. The Paris representative of the New York "Times" cabled that evening
that "the chief members are France and Germany,
with Belgium and Luxemburg adhering. It is
planned to bring Jugoslavia and Czechoslovakia into
the combination." The general terms were outlihed
in part as follows in the same dispatch: "Under
the scheme the annual production of steel in Europe
will be limited and arrangements will be made for
price-fixing. The avowed purpose is to obtain and
reserve for this trust the steel markets of Europe.
That means in a general way the exclusion of American and English steel as far as may be practicable,
which is to say profitable to the European trust. In
addition the arrangement puts an end to the economic danger of French and German rival productions flooding the European market. The normal
European production is fixed at 27,528,000 tons,
which may at the end of five years attain 30,000,000
tons. The agreement between the French and the
Germans has been complete for some weeks. It was
dissatisfaction of the Belgians over the part allowed them in production which hindered completion of the accord. This morning both France and
Germany made a slight concession, which permitted
bringing the Belgian allotment up to 295,000 tons
monthly, which she had demanded. Although the
French made efforts to bring the British into the
trust, the English have no part in the comb;natian,
nor have the Americans, excepting through investments which they may have in Continental steel Con
cerns."
The following details were given in an Associated
Press dispatch the same evening: 'The annual output of the combine will range from a minimum of
26,000,000. tons to a maximum of 30,000,000. The
members are allotted the following percentages of
the total: Germany, 43.18; France, 31.19; Belgium,
11.63; Luxemburg, 8.23; Sarre Valley, 5.77. Each
country is to deposit $1 in a common fund for each
ton of steel manufactured within .its allotted percentage, the producing country must pay $4 into the
fund. A refund of $2 per ton will be paid to any
1673
country failing in any one year to produce its allotted percentage of the minimum of 26,000,000 tons.
Theoretically, the sales price remains optional with
each country, but it is hoped, owing to the taxes
paid by over-producing countries and refunds obtained by those failing to manufacture up to their
percentage, to fix a price which will be adopted by
all the members of the trust, and especially avoid
keen competition between the producers. To this
end a central international office will be created.
Settlement of accounts will be made at the end of
every year."
Herr Curtius, the German Minister of Economy,
was quoted in an Associated Press dispatch from
Berlin Thursday evening as saying that "the agreement between the large groups of Western European
producers undoubtedly marks a return to common
sense in economic matters in Europe. The Governments of the countries concerned enabled the industrial leaders to strive for and to find an agreement
on a private and non-Governmental basis. Unless
compelled, the Governments in the future also will
not depart from this reserve."
E. H. Gary, Chairman of the United States Steel
Corporation, was quoted Thursday evening as saying that "I hope this consortium will meet with
great success. I think its managers will be friendly
toward American interests, and the sentiment will
certainly be reciprocated by the steel interests of
America."
Another week has passed without the definite conclusion of the British coal miners' strike. Word
came from London on Sept. 24 that "the British
Cabinet to-day gave its support to Prime Minister
Stanley Baldwin and the Cabinet Coal Committee
on their rejection of the striking coal miners' peace
proposal, and warned the Miners' Federation that
the Government's offer of a national coal tribunal
could not 'remain open indefinitely.'" The London
representative of the New York "Herald Tribune"
cabled that "Mr. Baldwin laid the entire story of
this week's negotiations to reach a basis for settlement before the Cabinet this afternoon. He recounted the details of his suggestion that the miners
should return to the pits on district settlements
which would be subject to review by the national
tribunal, and told of the miners' answer in the shape
of a counter proposal for national agreement. The
Cabinet then authorized the statement to the miners,
saying in part: 'The Government is not prepared
to go beyond maturely considered proposals conveyed to you by the Prime Minister. These proposals cannot remain open indefinitely.' Actually,
however, the Government's peace plan is as dead
as the miners' counter proposal which in effect rejected the former, so the mine situation appears to
have resumed the state of complete deadlock." The
next day (Sept. 25) the London correspondent of
the New York "Times" cabled that "the coal strike
has already cost Britain $1,000,000,000, according
to Sir Philip Cunliffe-Lister, President of the Board
of Trade. This startling statement made by him
to-day in a speech at Warrington is somewhat offset by the impression steadily gaining ground that
the strike is tottering toward its end."
The first admission of defeat from a representative of the British coal miners was said to have been
made by their leader, A. J. Cook, according to a spe-
1674
THE CHRONICLE
cial London dispatch to the New York "Times" on
Sept. 29. It stated that "A. J. Cook, of the British
miners to-night declared in an address before the
Tobacco Workers' Union that the miners were going
back to the pits 'beaten by starvation. They have
fought courageously, but they will be just as courageous in their retreat.'" In a special London cablegram "The Sun" the next day the unreserved assertion was made that "cold weather has broken the
coal strike. Upward of 12,000 miners, defying the
strike leaders, have been forced back to work in the
pits since Monday, making a total of about 150,000
miners now working." It was said also that "the
National Conference of Miners' delegates, meeting
Wednesday, saw that the fight was hopeless, but as
a last effort to evade unconditional (Tender, deferred action until next Wednesday., Final decision
will be based on district votes of the miners." In
a special London cablegram to the New York "Herald Tribune" later the same evening it was indicated
that the strike is still nearer an end. It was stated
that, "without expressing any opinion of their own,
the executives of the British Miners' Federation today decided to refer to a vote of the men the question of accepting the Government's proposal for a
national arbitration tribunal and local settlements
The result is expected to be known next Thursday.
Further evidence that the miners' executives have
given up as hopeless their task of leading the men
is contained in the comment of William Straker
after he had made the official announcement of today's decision. He admitted that the districts might
come forward with their own proposals for a settlement altogether apart from those of the executives
and of the Government. The long coal strike generally is regarded as being in its last stage. More
than 7,500 miners went back to work to-day, bringing the total so far for the week to 35,000. In all
160,000 Federation men have deserted their leaders
and returned to the pits."
No change has been made in official bank rates
at leading European centres from 7)
1/2% in Paris;
7% in Belgium, Italy and Austria; 6% in Berlin;
in London, Norway and
51/
2% in Denmark;
Madrid;41/
2% in Sweden, and 31/
2% in Holland and
Switzerland. Open market discount rates in London were a trifle easier, with short bills at 4 9-16@
/
8@4 11-16% a week ago, and three
4%%,against 45
months' bills at 4%(0)4 11-16%, against 4 9-16% last
week. Call money in London touched 43
/
8%, but
closed at 3%%, in comparison with 31/
8% at the
close last week. In Paris open market discounts
have remained at 7%, but in Switzerland it was advanced to 2%%,against 23
/
8% last week.
The Bank of England statement this week indicated a small loss in gold--£97,339---accompanied
by a decline in the reserve of gold and notes in the
banking department of £1,639,000, and a decline in
the proportion of reserve to liabilities to 28.66%,
which compares with 30.28% last week and 30.20%
the week before. A year ago the ratio was 27%7
0
and in 1924 201/
4%. These changes were attended
by increased note circulation, the total rising £1,524,000, to £140,417,000, as compared with £144,774,565
in 1925 and £122,288,835 the year before, and by
sharp changes in the deposit and loan items. Public
deposits rose £2,829,000, but "other" deposits fell off
[VOL. 123.
£1,706,000. Loans on Government securities declined £650,000, but loans on other securities expanded no less than £3,458,000. The Bank's stock of
gold now stands at £155,833,112, as compared with
£160,466,713 a year ago and £128,426,147 in 1924
(before the transfer to the Bank of England of the
£27,000,000 gold formerly held by the Redemption
Account of the Currency Note Issue). The reserve
total is £35,066,000, as against £35,442,148 last year
and £25,887,312 the year before that. Loans stand
at £71,986,000. This compares with £75,576,311 and
£80,740,529 one and two years ago, respectively. No
change was made in the Bank of England's minimum discount rate of 5%. Clearings through the
London banks for the week were 1619,396,000, as
against £707,539,000 a week ago. We append comparisons of the different items of the Bank of England returns for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.,
1925.
1924.
1926.
1923.
1922.
Oct. 2..Sept
29.
Sept. 30.
Oct. 3.
Oa. 5.
Circulation
b140.417.000 144,774,565 122,288,835 124,783,450 123,199,775
Public deposits
21,177,000 27,109,80r-17,383,907 14,503,591 16,695,645
101,183,000 102,390,781110,696,485 108,762,384 122,167,207
Other deposits
Govemm't securities 33,640,000 36,772,772 39,733,443 44,658,834 60,266,973
Other seeurities
71,986,006-75,576,311 —80,740,529 71,260,165 73,589,534
Reserve notes & coin 35,066,000 35.442,14825,887,31r-22,626,08622,672,456
Coln and bullion_ _ a155,833;112 160,446,713-128,426,147 127.659,536-127,422,131
Proportion of reserve
to liabilities
16.33%
18%%
4, 28.1'6%
27%%
201%
3%
Bank rate
ilk.. 5%
4%
4%
414%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note issues and which was transferred to
he Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its weekly statement issued
Sept. 29 reported an expansion of 503,175,000 francs
in note circulation; therefore, raising the total of
that item to 55,010,163,265 francs. For the corresponding period in 1925 and 1924, notes in circulation
amounted to 46,353,859,485 francs and 40,533,936,140 francs, respectively. The circulation of 57,258,626,585 francs reached on Aug. 4 was the
highest ever recorded. A gain of only 16,825 francs
in gold is reported, from which it is evident that the
large hoards of the metal acquired the present week
under the law recently enacted for the purpose, do
not appear in the return. Without these additions,
total gold holdings are 5,548,736,925 francs, which
compares with 5
.,547,230,363 francs in 1925 and
5,544,153,686 francs for the year previous. The
Government's indebtedness to the Bank has risen to
36,650,000,000 francs by additional borrowing of
250,000,000 francs during the week. Advances to
the State at the corresponding date in 1925 were
30,350,000,000 francs and in 1924 amounted to only
23,100,000,000 francs. Other changes during the
week were: Bills discounted increased 1,020,953,000
francs and Treasury deposits 1,491,000 francs. On
the other hand, trade advances fell off 42,345,000
francs and general deposits 72,978,000 francs. Comparisons of the various items in this week's return with
the statement. of last week and with corresponding
dates in both 1925 and 1924 are as follows:
BANK OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
16,825
Inc.
In France
Abroad
Unchanged
COMPARATIVE STATEMENT.
Status as o
Sept. 29 1926. Oct. 11925. Oct. 2 1924,
Francs.
Francs.
Francs.
3,684,416,018 3,682,909,455 3,679,832,779
1,864,320,907 1,864,320,907 1,864,320,907
Total
16,825 5,548,736,925 5,547,230,363 5,544,153,686
Inc.
338,827,217
Unchanged
309,908,759
Silver
301,523,954
discounted_
_Inc.
1,020,953,000
5,881,779,817 3,691,117,477 4,882,442,732
Bills
Trade advancseDec. 42,345,000 2,232,213,500 2,676,789,178 2,716,444,516
Note circulation_Inc. 503,175,000 55,010,163,265 46,353,859,485 40,583,936,140
Treasury deposits Inc.
1,491,000
37,238,797
23,163,831
12,968,850
General deposits_Dec. 72,978,000 2,885,012,227 2,718,557,116 1,959,436.125
Advances to &stelae. 250,000.000 36,650,000,000 30,350,060,000 23,100,000,000
OCT. 2 1926.]
THE CHRONICLE
In its statement, issued as of Sept. 23, the Imperial Bank of Germany reported still another reduction in note circulation, viz., 102,188,000 marks.
This was, however, accompanied by expansion in
other maturing obligations and other liabilities, to
the amount of 129,469,000 marks and 10,789,000
marks, respectively. Reductions were shown in
assets. Holdings of bills of exchange and checks
were reduced 27,489,000 marks, and advances 6,549,000 marks, although as against this, deposits held
abroad increased 14,000 marks, silver and other
coins 2,915,000 marks, notes on other banks 1,125,000 marks, and other assets 31,986,000 marks. Gold
and bullion holdings were again augmented, this
time to the amount of 25,753,000 marks, and the
total now is 1,566,796,000 marks, as compared with
1,174,766,000 marks a year ago and 560,080,000
marks in 1924. Outstanding note circulation
amounts to 2,799,247,000 marks.
1675
326,000. State bank and trust company reserves in
own vaults increased $437,000, while reserves kept
by these institutions in other depositories were augmented $258,000. As already shown, the action of
member banks-in adding so greatly to their reserves
with the Federal Reserve Bank brought about an
increase in surplus of $46,211,270, which after wiping out last week's deficit—reserve of $25,173,610,
left excess reserves of $21,037,660. The above figures for surplus are based on legal reserve requirements of 13% against demand deposits for member
banks of the Federal Reserve System, but do not
take account of $47,277,000 cash in vault held by
these members on Saturday last.
The local money market was firmer practically all
week. On Thursday, call loans after renewing at
5/
1
2%, advanced to 6%. Time money was firmer at
4% offered. This was not surpris51/
8% bid and 51/
ing in view of the unusually large interest and diviContinued expansion in rediscounting, as well as dend disbursements the next day, Oct. 1. They were
in open market dealings, was revealed by the Fed- estimated at $500,000,000. Yesterday there was a
1
2% figure for call money that had
eral Reserve banks' weekly statements, issued at the return to the 5/
close of business on Thursday. For the System gold been the average loaning rate for some days, with
reserve declined $18,800,000. Rediscounts of Gov- the exception of Sept. 30, and no change was made
ernment secured, and "other" paper together in- throughout the business session. Even at the 6%
creased $55,000,000, and total bills discounted now figure no difficulty in securing new accommodations
aggregate $716,630,000, as against $633,188,000 a was reported. This was true notwithstanding the
year ago. Open market purchases rose $5,200,000. calling of loans up to $20,000,000 within a single
There was an increase in total bills and securities business day. Even yesterday the payment of $15,(earning assets) of $57,000,000, but a small loss in 000,000 demand loans was said to have been asked
deposits—$1,700,000. Federal Reserve notes in ac- for. It is expected that next week the tone of the
tual circulation remained almost stationary, increas- money market will be still easier, although quotaing $400,000, but member bank reserve accounts tions may not be much lower. Conditions in the
moved up $18,300,000. The report of the New York most important lines of general business do not apReserve Bank indicated a loss in gold of $3,600,000, pear to have changed greatly. The turnover is still
while rediscounting of paper secured by Government on a large scale and promises to continue so during
obligations rose $16,800,000, while rediscounts of the rest of the year. Another new high record was
other bills fell $8,000,000; hence, the net results of made by the car loadings for, the week ended Sept.
the week's operations was an increase in total bills 18, which totaled 1,187,011 cars. The consolidated
discounted of $8,800,000, bringing the aggregate up net operating railway revenues for August disclosed
to $197,640,000, as compared with $229,060,000 a a big increase over the corresponding month of last
year ago. Open market purchases were larger, year. Foreign loans continue to appear in the local
namely, $5,200,000. Here total bills and securities market. That of the Argentine Government for
increased approximately $15,100,000. Deposits de- $16,900,000 was quickly disposed of by J. P. Morgan
elined $8,900,000. The amount of Federal Reserve & Co. and the National City Co. Domestic offerings
notes in circulation increased nominally $500,000. have been on a fairly large scale.
Member bank reserve accounts were enlarged by
Referring to money rates in detail, call loans ranged
$4,600,000. However, as the changes herein noted
very materially offset each other, reserve ratios re- between 5 and 6% during the week, as against 41A@
mained without important change. The ratio for 51A% last week. Monday and Tuesday the high
the banks as a group declined .5%, to 72.6%; at New was 53'%, the low 5% with 5% the renewl basis
York there was a small advance, to 79.7%, up 0.2%. on both days. On Wednesday although 53'% was
the highest rate named, renewals were made at
53(%.
On Thursday a small flurry in the call market
Further striking changes were shown in last Satsent
quotations
up to 6%, or the highest level for
urday's statement of New York Clearing House
banks and trust companies, indicating the usual re- many months; the low was 5% and also the rate
turn of funds into normal channels, following spe- for renewals. There was no range on Friday, all
cial financing operations. The outstanding feature funds on call being negotiated at 51A%, this being
figure for the day.
of the report was the rolling up of a surplus reserve the high, the low and the renewal
the undertone was very
maturities
For
fixed
date
of more than $46,000,000, brought about mainly
firm and quotations were marked up, first to 5% for
through expansion in the reserves of member banks
all periods, then toward the close of the week to
with the Federal Reserve Bank of $48,735,000. This
5@5Yt% for all maturities, from sixty days to six
more than sufficed to counteract the effect of an inmonths, which compares with a range of 4%.@5%
crease in net demand deposits of $25,843,000. Time on Friday of last week. Preparations for the heavy
deposits declined $3,249,000, to $588,608,000. The Oct. 1 disbursements were held responsible for the
grand total of demand deposits is $4,372,4141,000, stiffening in rates. Time funds were in brisk demand,
which excludes Government deposits to the amount particularly for over-the-year periods, and trading
of $55,836,000. Loans showed a contraction of $11,- was called active.
1676
THE CHRONICLE
[Vox.. 123.
Commercial paper shared in the general firmness
and quoted rates for four to six months' names of
choice character advanced to 43'@4%%, against
434@4M%, while names less well known now require 4U@5%, as compared with 4M@4%% last
week. New England mill paper and the shorter
choice names are now being dealt in at 43/2%, in
comparison with 43.1% the previous week. Highgrade names were in good demand, but as the supply
continues more or less restricted, the volume of business transacted was not large.
Banks' and bankers' acceptances ruled firm, but
dull; in keeping with the stiffening in the call division,
the inquiry for acceptances was negligible. Offerings
were scarce, and the market a dull, featureless affair.
For call loans against bankers' acceptances the posted
rate of the American Acceptance Council remains at
4%. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks 33
4
1% bid and
3%% asked for bills running 30 days; 338% bid and
33
4% asked for 60 days; 4% bid and 37
/% asked for
90 days; 43/8% bid and 4% asked for 120 days, and
437
0 bid and 4%% asked for 150 and 180 days.
Open market quotations follow:
sizable export movement of grain and cotton, in such
a way as to prevent any undue strain upon the foreign exchange markets." Nothing new of a favorable
nature, so far as could be learned, has transpired with
regard to the British coal strike situation. Large
operators are still practically a unit in holding aloof
from sterling exchange, and attention has centred to
a considerable extent upon the developments in francs
as well as the collapse in silver and its effect on Far
Eastern exchange.
As to the more detailed quotations, sterling exchange on Saturday last was easier; as a result demand sold off to 4 843
% (one rate) and cable transfers to 4 85.4
1 ; trading was narrow and professional
in character. On Monday increased offerings sent
prices down another fraction to 4 84 11-16 for
demand and 4 85 3-16 for cable transfers: the volume
of business passing, however, was not large. Free
offering of cotton and grain bills was a feature of
Tuesday's trading, though values were maintained;
the range for demand was 4 84 11-16@4 84% and
for cable transfers 4 85 3-16@4 853.4. Wednesday's
market was dull but firm, with demand held at
4 843
% throughout and cable transfers at 4 853.
Dulness prevailed on Thursday, although quoted
SPOT DELIVERY.
rates remained unchanged at 4 843
% for demand
90 Days.
60 Days.
30 Days.
and
4
cable
854
for
transfers.
Friday's
market
bills
4 @3I4
Is
3h(434(
Prime
3x034
was quiet and a trifle firmer after the early weakFOR DELIVERY WITHIN THIRTY DAYS.
e Eligible bills
35( bid ness; demand ranged between 4 84 11-16@4 84 25-32
Ibis non-member banks
34 bid
There have been no changes this week in Federal and cable transfers at 4 85 3-16@4 85 9-32. Closing
Reserve Bank rates. The following is the schedule quotations *ere 4 84 25-32 for demand and 4 85 9-32
for cable transfers. Commercial sight bills finished
of rates now in effect for the various classes of paper
at 4 84 21-32, sixty days 4 80 25-32, ninety days
at the different Reserve banks:
4
78 25-32, documents for payment (sixty days)
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
OCT. 1 1926.
4 80 29-32 and seven-day grain bills 4 84 1-32. Cotton and grain for payment closed at 4 84 21-32.
Paper Maturing-No gold was engaged for export or import this
After 90 After 6
Days, hut
b r
The Bank of England, however, continues
Within 90 Days.
Within 6 Within 9 week.
FEDERAL RESERVE
Months. Months.
very active in this respect and reported the release
BANK.
Com'rcial Secured
Ariel dt by U. S. Bankers' Trade Apricul.* Aoricul'i of £500,000 in gold sovereigns for use of the South
Livestock Govern't AccepAmyand
and
Paper. Obtiga- tanc..es. fences. Livestock Livestock Africa Reserve bank and the sale of about £280,000
lions.
n.e.8.
Paper.
Paper.
in gold bars, and exports of £5,000 in sovereigns to
4
4
Boston
4
4
4
4
4
4
4
4
New York
4
4
Switzerland.
•
Philadelphia
4
4
4
4
4
4
4
Cleveland
4
4
Richmond
4
4
Atlanta
4
4
Chicago
4
4
4
St. Louis
4
Minneapolis
4
4
4
Kansas City
4
4
Dallas
4
4
San Francisco
•Including bankers acceptances drawn for
by warehouse receipts. &c.
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
The Continental exchanges, though only intermittent y active, displayed a tendency to improveGood gains were made in both francs and lire.
act, a general undercurrent of strength pervaded
an agricultural purpose and
operations in some of the major exchanges that has
been notably lacking for some little time. Early in
Movements in sterling exchange duping the
ek the week French francs responded to buying said to
just closed were devoid of any particular feature and, emanate from official sources for the purpose of supgenerally speaking, in line with recent predictions. porting the market in preparation for the forthcomThe trend of values was downward, with a further ing internal loan, by an advance to 2.79. Later on,
reduction in demand rates of about one-half cent after a decline of a point or so, fresh strength deThe bulk of the business passing was transacted veloped which carried the quotation up to 2.84, alwithin a range of 4.84 11-16@4 84%, with a high though part of the gain was lost before the close.
point at the close of 4 84 25-32. Underlying condi- This was based on the announcement by the Bank of
tions remain essentially the same and the primary France of its decision to include in its weekly statefactor in the lower price levels was the offering of ment the amount of gold, silver and foreign currencies
cotton and grain bills on this market and coal bills to be purchased under the terms of the new finance
on the London market. Leading bankers, however, Act, which went into effect a few weeks ago, and the
are still of the opinion that the pound sterling is re- volume of notes that are to be issued for that purpose.
ceiving support in one way or another, since the press- This is obviously a step in the right direction, though
ure of bills offering is regarded as having been heavy these items do not appear in this week's return—albeit
enough to cause far greater recessions than have it may have been too early for their inclusion. At the
actually taken place. One prominent financial au- same time, however, views are not altogether optimisthority is quoted as saying:"Provision has been made t tic.. • The French political outlook is somewhat less
to care for the autumnal influx of commercial bills favorable, while it is learned that the country will
which is expected to follow inauguration of a fairly I again be compelled to import large quantities of wheat
OCT. 2 1926.]
•
THE CHRONICLE
and other commodities to make up for deficiencies in
home crops. Belgian francs were helped by news
that the Government of Belgium had sent financial
officials to Paris to discuss stabilization plans, and
the price advanced from 2.6634 to 2.72.
As to Italian lire, rate movements indicated a
repetition of last week's performance; that is, Governmental buying to compel short covering. Lire
sold up from 3.6834 to 3.844
3 ,then dropped back to
3.75. It is understood that shortly the Government
is to announce another large contraction in Italian
note circulation, in line with its new policy of deflation. The volume of passing business, however, was
notlarge. German marks continue dull, ruling all
week at 23.80,or a fraction from thatlevel. Austrian
schillings were neglected. Greek exchange ruled
steady at close to 1.18. In the minor Central European division small changes occurred, including a loss
of 25 points in Polish zloties and about 6 points in
Rumanian lei, the latter the reaction from a too
rapid rise.
The London check rate on Paris closed at 172.30,
as against 174.45 last week. In New York sight bills
on the French centre finished at 2.803/2, against
2.778%; cable transfers at 2.813/
2,against 2.788%,and
commercial sight bills at 2.793/
2, against 2.764
3 last
week. Closing rates on Antwerp francs were 2.70 for
checks and 2.71 for cable transfers, in comparison
with 2.606 and 2.673/i a week earlier. Reichsmarks
finished at 23.803/
2 for checks and at 23.82 for cable
transfers, the same as last week. Austrian schillings
have not been changed from 14/
1 . Lire closed at
3.75 for bankers' sight bills and at 3.76 for cable
transfers. A week ago the close was 3.678% and
3.684
3 . Exchange on Czechoslovakia finished at
2.96%
3 (unchanged); on Bucharest at 0.514
3 ,against
0.574
3 ; on Poland at 11.25 (unchanged), and on
Finland at 2.5234, unchanged from the previous week.
Greek exchange closed at 1.1834 for checks and at
1.188% for cable remittances, in comparison with
1.1734 and 1:178% last week.
In the neutral exchanges, formerly so-called, inactivity continued in evidence and although losses
were confined in most instances to a point or two, the
trend was distinctly downward. Guilders were
heavy and went below last week's low of 40.03
touching 40.02. In the Scandinavian list, Copenhagen remittances dropped 3 points, to 26.50, and
Stockholm krona were lowered to 26.70, with Norwegian exchange down to 21.85, mainly on liquidation
of long accounts. Swiss francs, on the other hand,
advanced 23 points, to 19.32, while Spanish
pesetas ruled firm and a trifle higher, then turned
weak and finished at a decline of about 4 points
Bankers' sight bills on Amsterdam closed at 40.02,
against 40.05, cable transfers at 40.04, against 40.07
and commercial sight bills at 39.98, against 40.02
last week. Final quotations on Swiss francs were
19.323/2 for bankers' sight bills and 19.333/ for cable
transfers. This compares with 19.29 and 19.30 the
week previous. Copenhagen checks closed at 26.503
and cable transfers at 26.543/
2,against 26.53 and 26.57.
Checks on Sweden finished at 26.70 and cable transfers at 26.74, against 26.704
3 and 26.75%
3 , while
checks on Norway closed at 21.86 and cable transfers
at 21.91, against 21.89 and 21.93 a week ago. Spanish
pesetas finished at 15.133/2 for checks and at 15.15
for cable transfers, as contrasted with 15.17M and
15.213 the preceding week.
1677
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
SEPT. 25 1926 TO OCT. 1 1928. INCLUSIVE.
Noon Buying Rate for Cable Transfers fn Note Yea.
I
Country and Monetary
Value in United States Money.
Unit.
I Sept. 25. Sept. 27. Sept. 28.1 Sept 29. Sept. 30. Od. 1.
EUROPE$
Austria. .ch.11Ing_ _
.14091
Belgium. franc
2
Bulgaria, lev
.007233
Czechoslovakia, krone .029623
Denmark, krone
2655
England. pound starling
4.8523
Finland. markka
.025213
France. franc
.0277
Germany, reichamark. .2382
Greece. drachma
.011775
olland, gullder
.4006
17998arY, pens°
.1754
Italy, lira
0369
Norway, krone
.2192
Poland, zloty
1100
Portugal, escudo
.0512
Rumania,len
.005176
Spain, peseta
1521
Sweden,krona
.2674
Switzerland, franc
.1932
Yugoslavia. dinar_ - .017671
ASIAChina-Cbefoo, tael
.6750
Hankow,tael
.6666
Shanghai, tact
8473
Tientsin, tadl
.6754
Hong Kong, dollar_ .5060
Mexican dollar.. _ _ .4691
Tientsin or Peiyang,
dollar
.4654
Yuan, dollar
4617
India, rupee
.3631
Japan, yen
.4850
Singapore(S.S.), dollar .5600
NORTH AMER.Canada, dollar
1.001359
Cuba. peso
999258
Mexico. peso
487333
Newfoundland, dollar .999141
SOUTH A M ER.
Argentina peso (gold) .9242
Brazil. milreis
.1509
Chile, peso
.1213
Uruguay, peso
1.0062
.14080
.0288
.007247
.029617
.2654
4.8517
.025213
.0279
.2382
.011755
.4005
.1754
.0377
.2191
.1097
.0512
.005118
.1519
.2873
.1932
.017671
.14089
.0269
.007228
.029615
.2654
.14093
.0271
.007244
.029618
.2655
$
.14078
.0272
.007250
.029618
.2655
.14084
.0271
.007244
.029614
.2654
4.8522
4.8522
4.8522
4.8515
.025214 .025210 .025209 .025208
.0281
.0283
.0283
.0280
.2382
2382
.2382
.2381
.011820 .011829 .011785 .011798
.4005
.4006
4005
.4005
.1754
.1755
.1758
.1754
.0376
.3074
.0379
.0382
.2190
.2190
.2190
.2191
.1104
1104
.1109
.1100
.0512
.0512
.0512
.0515
.005116 .005113 .005144 .005127
.1511
.1520
.1518
.1519
.2675
.2674
.2674
.2674
.1933
.1933
.1933
.1932
.017674 .017674 .017671 .017678
.6688
.6591
.8418
.6692
.5025
.4690
.6744
.6639
.6435
.6748
.5025
.4740
.6654
.6547
.6348
.6654
.4968
.4683
.6600
.6453
.6294
.6600
.4920
.4873
.6563
.6478
.6263
.6583
.4926
.4656
.4550
.4513
.3831
.4843
.5808
.4575
.4538
.3631
.4836
.5608
.4471
4433
.3631
.4854
.5608
.4463
.4425
.3631
.4859
.5608
.4417
.4379
.3630
.4857
.5608
1.001406 1.001448 1.001401 1.001286 1.000917
.999250 .999469 .999375 .999531 .999375
.487250 .487583 .486733 .488833 .486333
.998906 .999063 .998945 .998938 .998398
.9240
.1509
.1213
1.0031
.9245
.1501
.1213
1.0051
.9273
.1491
.1213
1.0059
.9285
.1489
.1213
1.0071
.9291
.1492
.2112
1.0082
South American exchange moved along the lines indicated last week. Argentine pesos were again in demand, incidental to extensive crop moving demands,
and rose sharply to 40.93 for checks and.to 40.98
for cable transfers, against 40.70 and 40.78 last
week. Brazilian milreis on the other hand, slipped
off to a new low point on the current movement. This
weakness is said to be due mainly to governmental
action designed to keep exchange values down and
thus assist Brazil's trade and industries. It is
claimed that the rise in the past two years has
occasioned great hardships in the country's economic
and industrial life. Closing quotations were 14.95
for checks and 15.00 for cable transfers, against
15.13 and 15.18 the week preceding. Chilean exchange was easier at 12.10, against 1234, while Peru
moved down, finishing at 3.83, against 3.903/2.
Far Eastern exchange came in for a large share of
attention this week by reason of the general slump
in values, at least in the Chinese currencies, that
has followed the crash in the price of silver. The
situation has reached a point where it is causing
some concern. Hong Kong and Shanghai documents felt acutely the weakness in silver, the metal
having dropped to the lowest level in ten years
following the failure of an important banking institution at Shanghai, which had become involved heavily
in the speculation both in silver and in Japanese yen.
Chinese speculators are blamed for the present crisis,
it being claimed that they have been unloading silver
in enormous quantities ever since the recommendation of the Indian Currency Commission to Place
the Indian rupee upon a gold basis. Hong Kong
taels finished at 49.75@49.85, against 51.70@51.80;
Shanghai at 624
7 @64, against 661A@67%; Japanese yen have been firmly held but closed slightly
lower at 48%@48%, against 48.80 and 48.90;
Manila exchange closed at 49%@49%, against 498%
@49%; Singapore at 564
1 .@56% (unchanged); Calcutta, 36®36%,against 363'@36/
8, and Bombay
36M®36%
5 , against • 363'@365%.
THE CHRONICLE
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $5,743,517 net in cash as a result of the currency movements for the week ended Sept. 30.
Their receipts from the interior have aggregated
$7,011,017, while the shipments have reached $1,267,500, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
.
Week Ended September 30.
Banks
'Interior movement
Out of
Banks.
Into
Banks.
$7 011.017
Gain or Loss
to Banks.
$1.267,500 Gam 35.743,51
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, Wednesdlt. Thursday
Sept. 28. Sept. 29. Sept.30.
Saturday, Monday,
Sept.25. Sept.27.
Friday,
Oct. 1.
Aggregate
for Week.
g
$
$
$
$
$
3
74.000,000 98.000.000 83.000.000 70.000.000 8I.rn0.000 04,000,000 Cr.506,000,000
Note.—The foregoing heavy credits retlec the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable In New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such cheeks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Sept. 30 1926.
Oct. 1 1925.
Banks of
Gold.
I
Sliver.
Total.
Gold.
Sliver.
Total.
C
I
g
England __ 155,833,112
155.833,112 160,466,713
60,466,713
France a _ 147,376,641 13,520,000 160,896,641 147.316,379 12,360,000159,676,379
Germany b 68.250,000 c994,600 69,244,600 52,694.200 d994,600 53,688,800
Spain
102,261,000 26,663,000 128,924.000 101,467,000 26,190.000127,647,000
45,439,000 4,156.000 49,595,000 35,609,000 3363000 38,972,000
Italy
Netherl'ds 34,945,000 2.281,000 37.226.000 34,863,000 1:957:000 36,820,000
Nat. Selig_ 10,955,000 3.389,000 14,344,000 10,891,000 3,437,000 14,328,000
BwItzerl'd_ 16.991,000 3.437.000 20.428.000 19.611,000 3,533,000 23,144,000
Sweden_
12,641.000 12,879,000
12,641.000
12,879,000
Denmark _ 11.617,000
878.000 12.495,000 11,634,000 1,149,000 12,783,000
Norway __ 8,180,000)
8.180.000 8,180,000
8,180,000
Total week 614,488,753 55,318,600669,807,353595,611,292 52.983,600648,594.892
Prey. week 613,301,419 55,366,600668.668.019595.794.346 52,937,600648,731,946
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of £10,085,000 held abroad. c As of Oct. 7 1924.
War Guilt and French Finances.
There is a saying to the effect that old sores are
hardest to heal, and that the more they are rubbed
the longer will be the healing process. The recent
remarks of Herr Stresemann, the German Foreign
Minister, on the subject of war guilt afford a good
illustration of how an irritating issue which is certain to disappear of itself before long, and which in
the meantime had much better be left alone, can stir
up feelings of resentment over past events. Herr
Stresemann, naturally gratified at the admission of
Germany -to the League of Nations, is reported to
have seized the occasion offered by an informal gathering at Geneva to observe that the admission of
Germany was a recognition that the stigma of war
guilt fixed upon that country by the Treaty of Versailles had been wiped out. Considering the circumstances of alniost ostentatious cordiality which attended the reception of the German delegation at
Geneva, a remark of that kind could hardly have
been expected to go unchallenged in France, and a
section of the French press promptly took it up and
proceeded to exploit it.
M. Poincare's reply, which obviously had to be
made, showed an unlooked-for moderation. In a
speech on Sunday before the National Convention
[Vol. 123.
of War Veterans, at St. Germain, M.Poincare, while
insisting that the responsibility for the war rested
with Germany, made it clear that it was the Imperial German Government rather than the German
people that was particularly to be blamed. When
war was declared by the Central Powers, he said,
addressing the veterans before him, "you did not
blame all Germans without distinction. You did
not blame all the officers and all the soldiers of the
opposing army for the barbarities committed in our
invaded towns." "If the Germany of to-day would
openly disavow some of the actions of the Germany
of yesterday," he continued, it would be easier to
forget the wounds of war and offer the hand of
friendship to a former enemy. The same position
was taken on Monday in a speech by M. Poincare at
Bar-le-Duc. France, he declared, stood ready to
make every effort at a rapprochement with Germany
consistent with French alliances and treaties, "provided they cast no doubt on the war responsibility
of the Imperial German Government, and provided
they bring proof of material and moral disarmament
by our neighbors."
The main reason for these exchanges of admonition and assertion is probably not far to seek. Whatever the amicable intentions of Herr Stresemann and
Premier Poincare,.each has to keep an eye on the
political situation at home. Herr Stresemann knew
full well that the admission of Germany to the
League, and the re-establishment of at least outwardly cordial relations between Berlin and Paris,
would not of itself suffice to placate the Nationalist
and monarchist opposition to the Marx Government,
and that on the question of war guilt German public
opinion was quite as sensitive as was public opinion
in France. The dignified speech of the German For.
eign Minister before the League at Geneva was sus.
ceptible of a construction which would make the
Berlin Government appear a little too willing to
accept what the League had to offer, a little too
ready to forget that there had been a war, and something must be said somewhere to show the German
irreconcilables that the Government was yielding
nothing to the former Allies in the matter of war
guilt. That appears to be about all there was to
the incident on Herr Stresemann's side.
M. Poincare, in turn, was under no less obligation
than Herr Stresemann to throw a political anchor
to windward. He has a conglomerate Cabinet, made
up of men representing widely divergent political
and economic ideas, and held together only by a general recognition of the extreme urgency of the financial situation. Reports of M. Briand's conversations
with Herr Stresemann at Thoiry, following close on
the heels of the reported remarks of the'German Foreign Minister regarding war guilt, had evoked open
dissent in France before M. Poincare spoke at St.
Germain and Bar-le-Duc, and one of the most important members of the Cabinet, M. Herriot, who is
also Mayor of the great industrial city of Lyons, had
been attacked by the Socialist members of the municipal council, and a strong effort, since repeated,
had been made to force him out of the Mayoralty.
With two of his most influential supporters under
fire, it would have been asking too much of the
French Premier to expect him to ignore the quasichallenge of Herr Stresemann, or to refrain from
reiterating the contention about war guilt which he
had many times championed. Each statesman, in
OCT. 2 1926.]
THE CHRONICLE
1679
other words, appears to have indulged in an attempt fication of the debt agreement in a
form lyhich the
to placate sentiment at home,as most statesmen have United States has already announ
ced it cannot acto do on occasions. It is to be regretted that Herr cept, M. Poincare's intimat
ion on Thursday that
Stresemann should have chosen so provocative a there would probab
ly be no difficulty in forming
subject as that of war guilt, but the comparatively another union Ministry if his
own should be overmoderate tone of M. Poincare's rejoinder, instead of thrown may turn
out to be a correct prediction of
indicating that the ancient grudge is to continue to what the future has
in store.
be fed, seems rather to evince a conciliatory disposition which augurs hopefully for the establishment
Is "Prosperity" on a Boom?
of co-operative relations between Germany and
In our issue of Sept. 11, page 1309, we printed in
France in matters of common political interest.
part an address of Roger W. Babson at the 13th anThat M. Poincare does not regard his position as nual National Business Confer
ence at Babson Park,
Premier as any too secure seems to be indicated
by Mass. In the course of his remarks he made the
a number of circumstances. The action of the Min- following significant statem
ents: "It would not be
istry in promptly expressing its. approval of
the surprising to see a distinct recession in business and
spirit of M. Briand's conversations with Herr Strese- possibly
a panic within the next two or three years,
mann suggests a purpose on the part of M. Poinaa
re but such would be merely temporary. When it
to avoid impeding the conciliatory activities
of his comes it will be the result of the over-extension of
powerful colleague, and at the same time to put
a the installment business, which is to-day eating into
damper on the effort to picture M. Briand as
the the vitals of business like a cancer. Doubtless the
leader of an opposition through which the union auto industr
y, the building industry and some other
Ministry may before long be disrupted: Data
in industries have progressed too rapidly and are toregard to the working of the new program
of na- day over-extended; but these industries have pertional economy are still meagre, and M. Poincar
e's formed a great function in bringing about prosperreported firmness in the face of protest against
the ity. After a readjustment these industries will reach
abolition of a considerable number of adminis
trative greater heights than ever. . . . The three flies in
offices will doubtless strengthen him for the
time the ointment are: First, the foreign situation, which
being, but unless the Government can show
substan- is still very bad; second, the installment business,
tial gains in revenue and real progress in
the treat- which is eating the vitals out of the American peoment of the debt and the currency, a
political ac- ple; third, the fact that the manufacturing capacity
counting may be looked for when Parliament
recon- of almost all industries exceeds the consuming powvenes early in October.
ers. Added to these is the fact that no one wants to
The success of the Bank of France in drawin
g out work; so many want to get something for nothing;
the hoarded gold of the country, while
not as yet and all are bent on pleasure seeking. In other words,
impressive in the amount of gold actually
received we are in a period of prosperity, and most things
for exchange, is encouraging as far as it
goes, but point to two or three years of prosperity ahead of us,
M. Poincare's reported statements on Wednes
day but most American people are living in a Fool's
indicate that the stabilization of the franc is
to be Paradise and may be rudely awakened at any time."
delayed indefinitely, or at least until it is possble
Since it is the fashion to illustrate the extent of a
to balance the budget, accumulate a sinking
fund for "cycle" by a curve it is important to know when it
the redemption of the national defense bonds,
and began. We are in an admitted period of prosperity.
make further additions to the gold reserve of
the But are we still on the up curve, or are we now on
Bank of France. Meantime the paper circula
tion is the downward movement? For instance, if we are
being increased, outside of the limit regularly
estab- to strike the bottom of the prophesied depression in,
lished by law, by the amount of the notes
issued in say, three years, our descent must be much more
exchange for gold, with the uncertain
prospect of rapid than our ascent. And is this not true of all
gain or loss to the Bank according as
French ex- cycles? The higher we rise, the harder we fall; and
change shall rise or fall.
as we fall we increase the rapidity of our descent.
The most troublesome political questio
n of all, Now, we were reasonably prosperous at the beginhowever, is still that of the war debt to the
United ning of the war. During the war, agriculture reStates. In his speech at Bar-le-Duc, M.
Poincare ceived • enormous prices for its products, manufacdeclared that France "had decided in future
to ac- tures did the same, but foreign trade, proper,lagged.
quit herself loyally to the extent of her
capacity and We were working for the waste of war—but that
to the limit of the possibilities of
transfer" in the does not appear on our chart and our curve based
matter of the foreign debts. There is
nothing new on prices. Again, despite our contribution of manin this declaration, and it will remain
only an offi- power, our volume of production in foodstuffs and
cial form of words unless the French
Parliament goods continued high, influenced by machinery. This
gives it effect by ratifying the
Mellon-Berenger is not true of every industry, but of industry as a
agreement. The debt question is at present
under whole, which is the curve in question.
consideration by a committee of the Chambers,
which
Soon after the war there was a sudden decline in
has been called to meet on Oct. 15 for the
purpose agriculture in the price curve—not, however, in the
of preparing its report. It was reported
on Friday, production curve. Since then the price curve has
however, that while M.Poincare intended to ask
for been slowly rising, though far below the war height,
ratification of the debt agreement when Parlia
ment while the production curve has been practically stamet, he did not expect that ratification
would be tionary. (We are eliminating the short curves of
voted without reservations, the reserva
tions which ups and downs.) Whether the period from 1914 to
he had in mind being, apparently, those
relating to 1926 for transportation can be charted it is now at
safeguards and transfer. If the only
out- its peak of service, and stands ready to continue so,
come of the deliberations of Parliament is
the rati- increasing, if need be, its curve being determined by
1680
THE CHRONICLE
DroL. 123.
the condition of industry and the command of the as a nation of spenders—and then we shall have to
people. Down during the war, and up again since, put up with "hard times" for a while. Obviously,
it has pushed up the manufacturing of the industrial the faster we live the farther we go, and the farther
curve. But how are we to map the consuming we go the greater the distance down and back to
power of the people? In one sense they cannot con- normal. Men point to the increase and volume of
sume more than they produce, yet their demand curve savings bank deposits and say: "Look what we
affects the supply curve, and demand is to-day at its save!" Look at what certain trades earn out of prohighest height.
portion to all the rest! Look at high prices! Look
It is by means of credit that the demand curve at the high cost of so-called adequate living! Look
(affecting directly the supply curve) is maintained at the volume of credit and spending!. Unquestionat an increasing ratio, that it attains (and this is ably we are on a high level and running fast.
true in all lines of credit) to its present unpreceLike the seeds of war, the seeds of depression are
dented altitude. There is more demand for luxuries often obscured. Is it true, as Mr. Babson says, that
and pleasures than has ever been known before in "no one wants to work?" Judging by those who
our country. This demand is fostered and main- only want to play it must be. Is it true that everytained largely by credit—and as Mr. Babson says by one wants to "get rich quick"? Judging by the crop
installment credit. Will this break of itself and of land and town lot booms that flourish and wither
start the depression? This cannot be certainly an- in a year; the careless buying by borrowing and the
swered. With full production and high wages to willingness of certain lines to foster this craze; the
sustain it, the end is hardly in sight. Yet it must amounts squandered on worthless schemes and sein time destroy itself because it contributes to ex- curities; the zeal of communities to enrich themtravagance and waste, either of which consumes like selves, leaving payment to another generation; it
a fever. If the indulgence wears out before it is paid must be true. All these elements, though seemingly
for, it cannot be renewed at its original source. If insufficient in themselves, in time of prosperity, to
the fashion changes before the full use of the article cause the curve to turn downward are preparing the
is served, it cannot be renewed at the source. For way. There is now much real prosperity, but it is
example—new cars for old cars may maintain and fanned and fevered by excessive undertakings by the
swell the volume of total production, but they first false prosperity. The time to sound the warning is
must be paid for or there is loss somewhere.
while there is yet opportunity and time to be care. Credit multiplies as well as divides. The time ful, to consider, and cut down the weeds before they
must come when losses through installment sales choke the good grain.
will put a stop to the further manufacture for this
kind of trade. And when the source of production The Unifying Power of Commerce and Finance—
The Province of the International Banker.
thus dries up the larger credits at the source diminish and there is failure. This in turn reflects on
Dr. F. C. S. Schiller of Oxford in an address bestocks and bank loans, causing curtailment and fore the International Congress of Philosophy at
stress. Then we begin the downward curve which Harvard on Sept. 17, speaking of the several means
accelerates with every addition to its weight. Now, for unifying the world and the part philosophy may
a people that lives on excitement must have a new play therein, drew atention to the work the interthrill or they grow jaded and tired. Will Hays told national banker can perform. "His business is to
the President recently that the American people grant loans and he has to see to it that the security
spend a billion dollars annually on the movies. This is good. This enables him to tame the seething nawith a fourteen-billion-dollar bill for auto costs of tionalisms by the steady pressure of financial conall kinds is an enormous sum. Suppose, and a vola- trol." And to this he added later:". . . the finantile pleasure-loving people can change very sud- cial resources of America are now the greatest in
denly, suppose they tire of these amusements and the world, and with a few exceptions the rest of the
renounce them. What a change it makes in the world is desperately needy." "The American banker,
whole situation! Our downward curve may begin therefore, has the power to control the world, if he
from even a source no more in the public mind than has the intelligence." . Dr. Schiller does not express
this. For instance, can we, in face of a recuperated the same confidence in commerce as a unifying
Europe, increase our foreign trade sufficiently to power,for he says: "The business men, even though
keep. up our domestic prosperity, keep the equilib- their trade may span the globe, are too busy to trourium? Again, the war-gaps in industry caused by ble about the ulterior consequences of their tradthe war must some time be filled, they cannot always ing." In this relation we may define the ,power of
invite investment and labor. This may be another finance as the power of credit, and it becomes intercause. Furthermore, and this is important, while esting to inquire into 'the relative powers of com'these changes do not all come together, while they merce and credit in a supposed pacifying of the
are often imperceptible, when they are (suddenly) world, although actually they are interdependent
and inseparable. Does not free commerce bring the
appreciated, then'the trouble is upon us.
Of course there is no likelihood of a monetary peoples of earth together equally with international
panic, after the old 'fashion. What we have to fear finance?
.is, the consternation that comes from a realization
As conditions now exist in the world, the unifythat we have been living in a "fool's paradise." Ac- ing power of finance is many fold; it lies in intertOrdingly, while ire cannot go back, except by cer- national loans for the purpose of re-establishing intain statistics'and estimates, and say when the pros- dustries, renewing prosperity, balancing budgets
perity curve started, nci;more can we say when the and stabilizing money units and money systems.
doiinward curve Will ,begin. What we do know is Still, it can hardly be claimed that loans to foreign
that when the larderis empty, when the bottom falls Governments by the citizens of the creditor Governout of the purse, we will be stricken at our own folly ment serve directly to bring the respective. peoples
•
OCT. 2 1926.]
THE CHRONICLE
1681
closer together. • Certainly when Government loans standard
for the business relations that extend over
to Government as in the case of the United States seas and
across Government lines. If this were not
to European countries during and after the war, so commerce
would be curtailed and its civilizing
present experience goes to show the proceeding tends proce
ss much reduced. As to the selfish reasons
to produce anything but peace and amity. On the which obtai
n in this form of credit dealing, it is the
other hand, it cannot be denied that in the case of same
as that which exists as a motive in all other
the flotation through international banking houses forms
of endeavor. Profit is, however, not only honof loans direct to industries in foreign countries orable
but necessary in all our activities. The
there is reason to believe that the makers of the great
er knowledge and sagacity of the international
bonds and the holders thereof are brought into mu- bank
er is not spoiled by this, rather is the exercise
tual knowledge and contact beneficial to each. Un- of discr
etionary power rendered capable of greater
questionably loans made by our great bank
s in the good. .
ordinary way by the underwriting and distributi
In a sense, and we call attention particularly to
on
of bond issues does contain a huge power for great this,
the dealing in credits is dealing in immaterial
good.
things. On the other hand, the dealing in good
s is
And yet we are inclined to place this power and the
dealing in material things and objects that in
influence below that of a free commerce betw
een and of themselves are educative in their power wherindividuals and groups within and of the two
peo- ever they go. The two peoples by this means
come
pies. There is a closer contact, a larger knowledg
e, to know each other more intimately and are draw
n
and a better understanding, a greater mutualit
y of together by this knowledge. If the propulsion of
benefit. Qualification of this statement is necessary trade
is profit, the attraction of trade is need. We
from the fact that international bankers
by dealing have the terms "supply and demand" as the regul
ain the exchanges and acceptances
of the world still tor of industry. Since Phoenician traders first
finance the trade between the dealers of
the two coasted along the Mediterranean there has
been a
countries. But in this they are more serva
nt than growing adventure in exchange. Now we are almo
st
master.. By putting out loans to Governments and
in sight of freight carried by ships of the air. All
groups of industries in foreign countries there
is a this is a natural growth and the advantage to
the
recognized power that may be withheld
or exercised. trader, dealer, merchant, is mutual.
No subtle
Witness to this is the refusal
to make loans to for- finance is necessary to the spirit of barte
r. Long
eign Governments that have
refused to adjust their ago great caravans coming from remote
parts of the
debts to the United States. Another
instance is the Orient met in great fairs on the plains
of Russia to
refusal or extreme reluctance to make
loans.to coun- exchange goods; to-day steamship lines
carry the
tries that have previously defaulted
in their pay- goods, products, wares, of great comp
anies to all
ments. These powers are exerc
ised upon the high continents. There is no separation of
race or degree.
plane of what has no better name
than "common
Let us not forget the intimate association betw
een
honesty," which should exist between
peoples as the producer, carrier, consumer. The learn
ed prowell as between persons.
lessor. is slightly in error in excluding the merc
hant
It may be sai4 that the object of these loan
s is not or "business man" from the unifying and tempo
rizreally altruistic but selfish in that they are made
for ing powers'of the world of to-day. Commerce
is intithe direct purpose of earning interest. We
speak matey bound up with finance. The inter
national
'now of loans made by groups of citizens in one
coun- banker is in reality only the "country bank
er" of the
try to those in another. Yet as we have
had occa. crossroads on a larger scale. But as
we have said,
sion to say in the past, the exercise of
credit is a he has come,to be a dealer in credi
ts between the
very substantial form of the exercise of
good-will, peoples of remote countries; and in the evolu
tion of
which reduced to its origin is an extension
of aid in credit he has come to loan the money of
individuals
time of need. As just stated, these
loans may be in one country to the Governments
of another. In
granted or refused. If granted they
proffer a feel- this he exercises great power, but
he is not so much
ing of helpfulness that must be met
by a sense of re- a pacifist, if we may use the
term broadly, if we consponsibility and gratitude. It is
sometimes said suit history, as when he brings groups
and individuthere is no love lost between a debtor
and a creditor. als together. But trade, commerce
, carried on by
But we need only to examine the
wide use of credit the "business man," rarel
y associates peoples or
in our domestic trade to realize
that this is only a groups and Governme
nts together save in actual war.
partial truth and distorted at that. Ther
e is a very Trade seeks to be free to
follow the laws of supply
close feeling between banks and
their customers, and demand. One
of the great obstacles is and has
Bankers are debtors as well as
creditors. And the long been the attempt
by Governments to protect
role of the international banker,
whether as inter- or to advantage its
own producers and traders by
mediary in the flotation of foreign
industrial bonds taxing laws.
or by direct loans is no different in
essence and
In an autocratic or despotic Government
effect..
these
disti
nctions are not so apparent. But if left to itsel
The large scale of these enterprises
fonly seems to trade begins at the crossroads, and
obscure the issue. We do not reac
conce
ntrat
es
in
h either form of a community centre, thenc
e expands according to
these international loans until we come
to big busi- productive areas across conti
nents, and thence flows
ness. And the very fact that Governme
ntal lines over open seas around the
world. The savage in
are passed over adds emph
asis to the trust that ob- darkest Africa gathering
rubber learns something of
tains between the
parties. It is only a magnified a far-off people that has
tools superior to his own;
form of good-win and *ho
nor that is engaged. And and the peasant in
formidable Russia plowing with
just as the bank in the smal
l city becomes a stand. a forked stick learns of the
agricultural implements
ard of principle for
loaning and borrowing in the of a republic in Amer
ica. With the passage of utilicommunity so the inter
national banker sets the ties over the earth, there
. follow exchanges in art,
1682
THE CHRONICLE
[voL. 123.
the aptitude or the straining for wise dealing with
the problems of industrial relationship." Financial
and technical problems may loom large on the surface and they may be the more fascinating from an
intellectual point of view. The English manufacturer, Mr. Rountree, says: "I have just visited a
large number of factories in the United States and
I am amazed by the high degree to which research
departments have been developed. But when the
heads of these factories pass from the technical to
the human problems the scientific seems to leave
them. Their dealings with labor are comparatively
The New Leadership..
crude; they are inclined to take things for granted
There is no department of economics, financial, —to accept theories which they have never examindustrial or commercial, which is not directly con- ined." Even with the technically trained men, their
cerned with the character and ability of the young education has been too narrow. The pressing quesmen entering its service. This will affect every tions of to-day lie outside the prescribed courses, in
stage of the business from the lowest to the highest. what may be called the background in every position
The interlocking of all kinds of business And the of leadership. This embraces the human, those
intimate dependence between all the departments studies of representation, of personal relations and
of any one establishment are so well recognized that feelings, of methods, of all,•in fact, that enters into
whatever was the case in the,past, to-day the size of the life of the individual no less than that of busithe field and the pressure everywhere felt make it ness in its outside connections and influence.
The desire of employees in every business may
imperative that, the best support should be secured;
while on the other hand, there is unrestricted oppor- now be recognized as threefold: it is for justice, for
tunity for competent men. Laudable ambition and status or personal recognition and permanent rights,
'and for career; that is for advancement. Mr: Frank
intelligent ability are at a premium.
The schools are opening, aud we have called atten- Cushman, Chief of the Education Service of the
tion to the advantages offered by the universities. Federal Board of Educational Training, says that,
Now there is occasion to point out what are the re- "despite the theory that most men seek advancement
quirements in the business world. The college grad- in their work, the proportion of those who are willuate, even the man technically taught, may find him- ing to assume further responsibility is only between
self called at the start to face situations that were 2 and 5%. The remainder are content as long as a
not anticipated, or he may not distinguish the ele- decent wage is available. But the minority who are
ments in his job which run into the future. Change ambitious should not be penalized, and the success
is everywhere; organization is universal. The young of our industrial system is largely dependent upon
man must be alive to new requirements and new training and advancing this group."
This emphasizes the importance of what may be
methods. It is said that 75% of the graduates of
engineering colleges subsequently occupy manage- called "personnel" training and wisdom along the
rial positions in industry. This means not only that whole line of management from the lowest to the
business has new requirements, but that unexpected highest. Leaders of men, many or few, must be able
fields have opened for trained men, and the question td see the other man's point of view and to'perceive
is what are the elements in training for leading po- and appraise individual ability. This has become a
sitions that is now desired. The subject is attract- matter of training, and is claiming to be a science.
ing attention and various books on its different It certainly can be taught, asits importance is widely
phases have appeared. The latest is a thoughtful recognized. Tact in the man in authority, whoever
and well-considered one, "The New Leadership," by he may be, involves his own personal traits, but it
S. A. Lewisohn, Vice-President of the Miami Cop- also requires trained understanding of his situation
per Co., and Chairman of the Board of the American and close personal connection with those whose
Management Association, just issued by Dutton. work he directs. He is an assembler of man power.
His views are based on a wide experience and are He is to develop new abilities, new methods and new
productiveness; he should also open new careers.
worthy of careful consideration.
The book is addressed to business men and in par- Efficiency is still, as always, the essential require.
ticular to managers and heads of the larger corpora- ment. He is there to get results. He must produce
tions, and in directions where attention is specially the goods, and that must not be endangered by any
needed. On the one hand, in successful enterprises personal considerations or doctrinaire theories; but
conservatism and confidence in the enduring worth he must be open-minded, and he must be human. He
of existing and even primitive conditions prevail; must have a knowledge broad enough and thorough
and on the other, now that technically educated men enough to enable him to apply in such conditions as
are widely sought, nothing is easier than to accept arise principles the worth and scope of which he
untried or little understood theories and to be guided understands.
New theories,of economics and of society, of capiby excellent but inadequate knowledge. The relaand of labor, of property and of administration,
tal
business
are
to-day
so
tions of every form of
wide
abound.
Thirty-eight per cent of the employees of
are
so
many
it
upon
that
and the influences bearing
important factors are constantly overlooked or are the country are reported as in large plants having
more than 500 operatives. Sound human organizamisapplied.
Illustrations are abundant. Secretary of Labor tion is no less necessary than sound management of
Wilson says: "The managers fail to understand capital; intelligent and sympathetic co-operation
the mind and heart of labor because they have not has its place in both. Large scale impersonal indus.
literature, laws. Trade does not follow the flag so
much as the flag follows trade. Are these great merchant houses, these trading companies, these distributing organizations, merely blind worshippers
of gain? These, too, as with the international
banker, are builded on a larger plan. They have
more knowledge, more power, they seek the lawful
gains that all men seek, but they would be dull indeed if with this knowledge and power they were
not conscious of accomplishing good.
OCT. 2 192,s.]
THE CHRONICLE
try is a necessary development within our preient
economic system. The size of the plant has little to
do with the unrest. Ignorance of fundamental facts,
or indifference to them, produces similar conditions
in big or little concerns. There is no just ground
for fear of great private corporations. Government
owned ones are proved far less effective, and the
charter granted by the State, which is the basis of
all corporations, gives the State adequate corrective
control. Indeed, that control is so easily available
that its exercise when to-day exerted is far too frequently found to be unwise and destructive.
Never was the position of the wise leader more
important, and never were there so many distinguished examples among us as there are to-day. Indeed, there are on all sides men so distinguished.in
their leadership, so look up to by the men in their
employ, and so honored 14y the public, that there is
wonder how their places could be filled should they
be removed, or even concern lest the business would
go to pieces, as sometimes has been the case.
Too much emphasis, therefore, cannot be laid
upon training for leadership. The supply will never
exceed the demand. It is the modern implication of
the aphorism "There is always room at the top."
Large sections of the country give evidence of the
change wrought by the introduction of modern industries and the coming of a new generation of leading men, as with the cotton mills in the South, and
modern manufacturers of every kind in the West,
with the developing of all the agencies and opportunities of human activity, in mines, water power,
electricity, irrigation, transportatiOn by land
and
water, banking and commerce, foreign and domestic, till the land swarms with an eager and prospe
rous people. Surely the men who are in their
various positions directing and maintaining all this
1683
may well be concerned to be themselves, by training
and character, by understanding and wisdom,
abreast of their task.
To have courage for leadership men must know
they are right. To have wisdom they must have
knowledge. To command allegiance they must be
open-minded and know the way to men's hearts;
they must be both enlightened and human. Men
who rise from the ranks sometimes have rare ability,
but they are not necessarily the wisest, and sometimes have little understanding. The pressure upon
them has often been too severe and narrowing. Only
when conditions have favored, when ambition has
not 'failed, and ability is adequate, is there escape
from the influence of prolonged and dull routine
and the achieving of an experience of oneself and
one's work large enough and inspiring enough for
the field that opens.
Training, therefore, should be early and well directed if the young men are to be led upward. Every
day there is evidence that promising theories often
do not work. Promising schemes prove mistaken.
Men are very intricate beings. We all have our
"complexes," our prejudices, our proclivities, our
temperaments, our traditions. There is room for
the study of the employer no less than of the employee. For that reason problems are a stimulus
and their solution in any business may be a pleasure as well as a reward. Every time one gets a new
understanding of a situation, even of himself, he
gains a new understanding of men and of conditions.
There is no reason, therefore, why intelligent and
successful leadership in business may not give as
great satisfaction and win as real honor as success
in one of the distinctly learned professions. It certainly gives abundant power, and its exercise may
be made as truly and widely beneficial.
Indications of Business Activity 11
THE STATE OF TRADE—COMMERCIAL EPITO
ME.
Friday Night, Oct. 1 1926.
Stormy weather has hurt trade in some parts of
the country. Cloudbursts have occurred in the far Southwe
st and
rains have been frequent in the West, latterly
more particularly in the Northwest. Killing frosts have
occurred
at the Northwest and at times high tempera
tures in the
South, though of late they have fallen. An
outstanding
factor was a decline in cotton of $5 a bale, making
$22 50
since Sept. 8. Moreover, these prices are the
lowest in five
years. Naturally, the South is a bit disheattened.
But it
planted nearly 49,000,000 acres, and this year
it has again
largely escaped the weevil for the third year
in succession.
The tendency now is to estimate the
crop at 16,000,000 bales
or more. A project has been broache
d of withdrawing
1,000,000 bales of the Texas crop from
the market and having the rest of the cotton belt withhol
d 2,000,000 bales for
a time with the help of Southern banks. Whethe
r anything
will come of this, especially at the outset of
the season,
when farmers have debts to pay and may be
prompted by
the banks to sell and clear them off, remains
to be seen.
There is no little skepticism here as to the
feasibility of
the plan. The trouble is over-production; the
real remedy
is to reduce the acreage and so reduce the
crop. Nothing
else will really mend the matter; coddling the
farmer will
encourage him to plant another big acreage, probabl
y raise
another big crop and see another big decline
in prices, or
in other words, a vicious circle which will
sooner or later
make a grappling of the problem along true
economic lines
Imperative. That might as well be done
first as last.
Meanwhile another Government crop report is
close at hand.
It would be better for the cotton trade if these
semi-monthly
reports were discontinued. At present the cotton
sinning
is so small as to make many look askance
at big crop estimates. In the Lower House of the Texa.* Legislature a resolution has been introduced calling for the •-scontinuance
of crop reports of the Government. But that is the other
extreme. Wheat prices have risen 3 cents with a good demand at times for export, despite reports that Russia is
selling cargoes to Liverpool. ri A European wheat crops,
it is believed, will turn out smaller than was at one
time
expected, and it begins to look as though the British coal
strike will soon end. That would stimulate many branche
s
of trade, including the milling industry and thus help
the
American grain farmer, to go no further—and the cotton
planter, too. Corn has not advanced for the reason that
the crop is proving larger than was expected and Chicago
dealers have therefore ignored the Western rains. But
other grain has risen, though there is a regrettable absence
of foreign buying of other grain, including rye. Hog products have risen, owing partly to reports of bog cholera at
the West. Rubber has latterly advanced with a better
demand, though there are no further intimations of British
restriction of output and the stock in London continues to
increase. Raw sugar has advanced to 2c. on an excellent
demand, domestic and foreign. Even the Far East, it is
said, has been buying here freely, taking of late, it is said,
some 20,000 tons. It is believed, too, that the German and
Russian beet crops are being over-estimated. There are
large withdrawals of refined sugar here, and the price has
risen to 6c. Raw sugar is the highest of the year. Coffee
declined for a time under heavy offerings from Brazil, but
1684
has latterly advanced, as Brazilian quotations have risen
coincident with reports of a better financial situation in
Brazil.
Cheerful reports come from the steel trade, but there is
some depress:on In pig iron at the South. It turns out that
the September output of automobiles was about as large
as in August. There are anticipations of a good demand for
steel from this industry, which takes an important percentage of the steel output in this country annually. According to the current talk in the steel trade it is not improbable that 1,000,000 tons of steel rails may be ordered this
fall, about one-third of which, it is said, has already been
sold. Steel mills are running at 85 to 90%. Coal was in
brisk demand for a time from British buyers and bituminous
advanced. But latterly there has been less trade with England, as reports became more persistent that the coal strike
was nearing an end there. The miners are fast returning
to work as the winter approaches. One feature of business
on this s.de of the water has been a scarcity of ocean freight
room owing to large exports of coal, wheat and cotton in
the last few months. Norfolk has been especially active in
the coal trade. The decline in raw cotton has somewhat
checked business in cotton goods of late, but still, a fair
trade has been done. Fall River has, in fact, increased its
sales of goods, and on the whole has maintained prices
very well. It is highly probable, however, that until the
price of raw cotton becomes more stabilized there may be
some falling off in trade at the big textile centres of the
country. Wool auctions in England and Australia are
turning out very well and wool in this country has been
steady, with some indications of a better business in certain grades. An Increased trade has been done in woolen
dress goods, woclen blankets and silk goods, despite the
recent warm spell. Latterly the temperatures have been
more seasonable. The clothing trade is more active both at
wholesale and retail lines. A brisk business has been done
in radio materials. The shoe industry is getting into better
shape. New England has done on the wlaole a very good
business. The Central West has had a good trade' n many
lines, especially in wearing apparel. Gasoline prices have
been cut. To-day there was a drop of 4 cents on the Pacific Coast. Any decrease in trade at the West owing to
weather conditions, of course, Is only for the moment. The
car loadings and the railroad earnings are striking.indications of the momentum of American business at this time,
as well as In the past. When the number of freight etas
loaded with goods rims t hove a million a week it is plain
enough that merchandise is moving in gratifying volume.
It is an unavoidable inference. The stock market has been
more or less irregular, but to-day there was a noticeably
broader market, with transactions not far from 2,000,000
shares, a distinct increase, while standard issues were
rising and reaching in some cases new high levels. Bonds
of late have been quieter and foreign exchange is lower.
Money has been up to the highest point of the year and
ended steady at 5Y2% on call. London was a bit slow today, but quotations were maintained, especially on iron
and coal shares, possibly because of the more cheerful
outlook for a speedy ending of the coal strike in England.
Spindle and loom machinery in the United States woolen
and worsted industry is believed to be averaging a higher
rate of operations than for some time. It is not believed
that goods are piling up, either.
Fall River reported large shipments of cotton goods.
Mills are working on contracts running through October.
At Fall River, Mass., the Kerr thread mills, which had been
running for some time on four days a week will hereafter
run five days. In the New England States the low stage
of rivers has seriously affected textile mills which run on
water power. Some of the mills are being forced to run
nights in an effort to cope with the situation. The water
supply for power purposes provided by the Merrimac River
Is at a record low mark, owing to the light rainfall of the
past several months. At Nashua, N. H., the Nashua Manufacturing Co., the second largest textile concern in the
State, is doing a much larger business than that of last
summer. The Nashua mills make Indian Head blankets
and are now operating at 75%. The Jackson mills, which
are also owned by the Nashua company, are operating at
80% in Indian Head cloth. Its managers are optimistic.
Georgia mills are being steadily added to the rapidly growing list of textile firms and corporations supporting the
newly organized Cotton Textile Institute, and latest figures
show 1,916,000 Georgia spindles signed. As there are 2,800,-
[VoL. 123.
THE CHRONICLE
000 spindles in Georg a, this means that only 900,000 remain
to come Into the Institute. In north Georgia and east Tennessee cotton mills are running at 90% and more nearly
normal than for several months.
In Manchester, England, yarn mills using American cotton will hereafter run one week out of three. At Manchester, England, a joint meeting of the Master Cotton Spinners' Federation and representatives of three operative
organizations failed to reach an agreement on plans for
the improvement of the cotton industry in the Lancashire
district.
Department store sales gained 10% in August. Chain
stores gained 15%. Sales of Sears, Roebuck & Co. last
month amounted to $21,647,835, compared with $19,359,165
In September 1925, an increase of 11.8%, it was announced
to-day. In the first nine months of the year sales totaled
$187,885,758, an increase of 9.5% over the amount for the
corresponding period of last year.
Bar silver recently has fallen sharply, due to the heavy
pressure from China following the lifting of an anti-British
trade boycott in Hong Kong, large stocks of the metal in
various Far Eastern centres and short selling by Indian
traders based on the expectation of the establishment of
the gold standard In India.
While New York on Sept. 24 had a temperature of 86 and
great humidity and seaside resorts temporarily reopened,
the West had a cold wave. In the Central West it was 25
to 45 degrees. The eold weather moved gradually toward
the Ohio Valley. Killing frosts occurred on the 24th ult. in
Neb.asisa, northern Kansas and parts of the Dakotas, with
general but less severe frosts in Iowa, Wisconsin, Minnesota and Illinois. A tropical storm was reported several
hundred miles north of Porto Rico on the 28th ult. headed
west-northwest. Aside from this, a tropical hurricane
struck Vera Cruz on that day. Mexico City was reported
Inundated. Several small ships were sunk there. The
storm was reported the most devastating of any since 1888.
Another hurricane was forecast. This storm was also
headed for Vera Cruz and likely to be much stronger than
the first. Snow fell in Wheeling, W. Va., for a few minutes on the 28th ult. Great cloudbursts occurred in Oklahome. Floods occurred in Arkansas.
To-day the temperatures here were in the 60's, and the
forecast was for fair and warmer weather to-morrow. Of
late Chicago has been 64, Cincinnati 64 to 74, Cleveland 56
to 68, Indianapolis 54 to 72, St. Paul 52 to 56, Portland, Me.,
38 to 62, Boston 48 to 70 and Philadelphia 58 to 62.
Federal Reserve Board's Summary of Business Conditions in United States—Industrial Activity
at Higher Level than Year Ago.
Industrial activity and distribution of commodities continued in large volume in August at a level higher than a
year ago, the Federal Reserve Board reports in its monthly
summary of business conditions in the United States,
made public Sept. 27. The general level of wholesale prices
receded further in August, reflecting price declines for
agricultural commodities, says the Board, which also has
the following to say:
Production.
The index of production in basic Industries, which is adjusted for the
usual seasonal variations, declined slightly In August, but this decline was
accounted for by the fact that there were five Sundays in August as against
four In July. Textile mill activity and production of steel ing ts, zinc and
petroleum increased, while the output of pig iron, lumber, coal, copper,
cement and sugar was smaller than the month before. Automobile production increased considerably in August and was larger than In any month
since April. Factory employment and payrolls, after declining in July,
Increased in August, as is usual at this season of the year. Building activity, as measured by contract awards in 37 States east of the Rocky Mountains, was in larger volume In August than in July or in any other previous
month with the exception of August 1925. In Eastern and Southeastern
States the volume of building was smaller in August than a year ago, while
in the Middle West contracts awarded were larger. Contracts for residential structures were smaller than last year. while those for Industrial buildings and for public works and public utilities were substantially larger.
Crop conditions 'mproved in August. according to a statement by the
Department of Agriculture. September forecasts of yields of corn, barley,
hay, tobacco and most fruit and vegetable crops were above those made In
August, while expected yields of oats and spring wheat were slightly less.
A cotton crop of 15.810.000 bales was Indicated on the basis of the condition of the crop at the middle of September. The crop, however, Is later
than last year and ginnings up to Sept. 16 amounted to only 2,611,000 bales,
with 4,282,000 bales prior to Sept. 16 1925.
compared
_
_
Trade.
Volume of wholesale trade and of sales at department stores Increased in
August and retail sales were larger than a year ago. Stocks of drygoods and
shoes carried by wholesale firms were smaller at the end of August than last
year, while those of groceries and hardware were larger. Inventories of
department stores Increased In preparation for autumn trade, but this increase was less than is usual at this season and at the end of the month stocks
OCT. 2 192g.]
THE CHRONICLE
1685
were smaller than a year ago. Freight car loadings in August continued
higher than in the corresponding months of previous years and for the weeks
of Aug. 28 and Sept. 4 exceeded all previous weekly records. Loadings of
grain continual large and shipments of merchandise in less than carload lots.
miscellaneous commodities, ore and coke were considerably larger than in
the corresponding period of previous years.
girls' ready-to-wear, negligees, aprons and house dresses, furs, infants'
wear, leather goods, women's and children's hosiery, books and stationery,
whereas large decreases again occurred In woolen dress goods, women's
suits and skirts, sweaters, ribbons, musical instruments and radios. Stocks
at the end of August were 6.4% heavier than those of a month previous but
1.2% lighter than supplies on the same date last year.
Prices.
commodity prices, according to the index of the Bureau of
Labor Statistics, declined by over 1% in August, reflecting largely price
decreases for grains, livestock, and meat products. Prices of clothing
materials, fuels, and metals increased between July and August, while
prices of cotton, wool, sugar, building materials, and rubber showed little
change. In the first half of September prices of grains, cattle, sugar,
bituminous coal, and coke advanced, while prices of raw cotton, silver, air
bricks declined.
Bank Credit.
Increased demand for bank credit in connection with the harvesting and
marketing of crops and autumn trade, together with an increase in loans on
securities, Was reflected in a considerable growth between the middle of
August and the middle of September in loans of member banks In leading
cities. The banks' holdings of investments also increased, though there
was a decrease in Investments at banks in New York City, and total loans
and investments on September 15 Were larger than at any previous time.
The volume of reserve bank credit increased by about 690.000.000
between August 18 and September 22, partly in response to seasonal
demands for currency. Discounts for member banks rose in September to
the highest figure for the year, and acceptance holdings also
Increased.
while United States securities declined by about $55.000,000.
Money rates continued to rise in September. Rates on commercial paper
advanced by one-fourth per cent to 4-4 %,and rates on security loans
also averaged higher than in August.
Wholesale Trade.
A seasonal improvement in wholesale trade is indicated by the preliminary
data received from reporting firms in the Philadelphia reserve district.
Buying, however, for quick or nearby deliveries still predominates. Prices
generally continue unchanged.
August sales of shoes, drygoods, jewelry, paper and drugs were greater
than those in July, whereas business in electrical supplies, groceries
and
hardware was smaller. Compared with the volume of a year ago,
trading
in shoes, electrical supplies, paper and drugs was heavier, but sales
of
drygoods, jewelry, groceries and hardware were lighter. Stocks at the end
of August were not excessive, and collections during August were fairly
prompt.
F. Wholesale
Survey of Current Business by United States Department of Commerce—Manufacturing Output Reaches
Highest Point on Record.
Manufacturing output in August, after adjustment for
differences in working time, reached the highest point on
record, according to the monthly index of the Department
of Commerce. Standard at 36% above the 1919 average,
this index showed an increase of 7% over the previous month
and 12% over the same month of last year. The output of
raw materials was larger in August than in either the previous
Improved Business Conditions in Philadelphia Federal month or the same month of 1925, with all groups showing
advances over July except animal marketings and over a
. Reserve District.
The early fall has witnessed a marked betterment of year ago except forest products. The Department's survey
business conditions throughout the Philadelphia Federal dated Oct. 1 further states:
Stocks.—Commodity stocks, after adjustment for seasonal variations,
Reserve District, according to the review of business condi- were
higher at the end of August than at
end of the preceding month
tions issued by the Federal Reserve Bank of Philadelphia or the same month of last year. the increasethe
over both periods in the general
on Oct. 1. Commenting further on the situation the bank index being principally due to larger holdings of raw foodstuffs sod- other
raw materials.
states:
Unfilled Orders.—Unfil
led orders for manufactured commodities. prinThis recent improvement Is chiefly of a seasonal nature to be expected cipally iron
and steel and building materials, were larger than at the end
at this time of the year, but current activity in most lines of Industry and of the
previous month but smaller than a year ago, the decline from ast
trade continues well In excess of that of last year. In August factory
year being due to smaller forward business for building materials.
employment and wage payments made distinct gains over July
levels, and
The
index
numbers of the Department of Commerce are given below
our preliminary reports indicate that employment In September has
advanced further to a point close to the highest reached in the past
two years.
1926.
Distribution of commodities also continues in large volume. Freight
1925.
car
loadings In the Allegheny district and in the country as a whole have
been
July. August.' August.
running well ahead of last year's figures, and shipments during
the past
Production (Index numbers: 1919 = 100)—
few weeks have exceeded all previous records. Seasonal expansion
in the Raw materials—Total
116
122
116
volume of wholesale trade has occurred in recent weeks, although
Minerals
the total
150
155
151
sales of reporting firms In this district were somewhat smaller In
Animal products
115
August
111
107
Crops
than In July or In the same month of 1925. Betterment Is particularly
103
115
106
Forestry
119
noticeable in the wholesale shoe, dry goods and Jewelry trades. Retail
125
132
Manufacturing, grand total (adjusted)
127
136
122
business has also continued in large volume, with current sales in nearly
Total (unadjusted)
127
136
122
exceeding
Foodstuffs
all lines
those of last month and of last year.
125
120
110
Textiles
The reported improvement in the textile industries, which had been
95
97
9
Iron and steel
125
135
116
Inactive for several months, was particularly encouraging. In August.
Other metals
173
176
186
these industries showed a marked expansion of factory operations, and
Lumber
145
154
160
Leather
later reports indicate a still further Improvement in these lines. Better
78
89
90
Paper and printing
123
demand and a strong price tendency are reported for cotton, wool and silk
122
106
Chemicals and oils
176
178
171
goods. Hosiery is in only fair demand, except for women's full-fashioned,
Stone and clay products
174
172
157
while the floor coverings trade is quiet, awaiting the fall auction of the
Tobacco
128
132
120
Automobiles •
largest producer. Buying of packer hides has been more active lately, and
220
263
151
Miscellaneous
132
sole and kid leather are moving in good volume. Shoe manufacturers are
156
118
Commodity Stocks—
meeting with moderate demand for their products.
Index numbers 1919 = 100)(Unadjusted)
Operations are being steadily maintained In the iron and steel Industry, Total
151
146
124
Raw foodstuffs
with output of pig iron and iron and steel castings considerably larger
203
191
118
Raw materials for manufacture
98
90
than in the same period last year. Prices are quite stable although there
ss
Manufactured foodstuffs
97
97
91
have been slight advances In some steel products. The coal industries
Manufactured commodities
173
171
173
have experienced some improvement. The anthracite market is seasonally
(Adjusted for seasonal element.)
active and bituminous coal Is meeting with a better demand and somewhat Total
167
184
142
Raw foodstuffs
256
310
158
higher prices.
Raw materials for manufacture
120
128
119
Construction has taken another spurt In this district: contract awards
Manufactured foodstuffs
89
86
78
in August were larger than in any other month except March and June of
Manufactured commodities
172
178
185
Unfilled Orders—
this year and were 13% greater than In August, 1925. This has been re(1920= 100)
48
49
52
flected In greater activity in the market for bricks, lumber, paint and other Total
Iron and steel
37
ao
36
building materials. In most lines, however, current sales are below the
Building material
94
99
121
volume of last year.
•Included in miscellaneous grout
,
.
The agricultural outlook In this district has improved considerably
since
August 1. The condition of most crops is close to the ten-year average,
while the forecast yield of apples, pears and peaches Is one of the largest
In August Index of Real Estate Market Activity Registers
recent years. Recent rains have retarded full ploughing and
have done
a Decline of Seven Points from July—Highest
some damage to rye and winter wheat during the harvest.
August Mark, However,for Ten Year Period.
City Conditions.
Real estate market activity for August showed something
The majority of the cities In the Philadelphia Reserve District
show considerable gains from July to August In factory employment
and wage of a decline from the July movement, according to the index
payments, savings deposits and sales of electric power, whereas
check of market activity compiled by the National Association
of
payments declined in all reporting cities, owing partly to the occurrence
of
Real Estate Boards from official records of transfers and
five Sundays In the latter month. Except for Philadelphia. Altoona
and
Johnstown, the volume of retail trade was smaller. During August
the conveyances recorded in 41 typical cities. The August
Value of building permits in most cities also was below that for July. Compared with the Industrial and mercantile situation the year previous, wage index registered 169. This is the highest mark,to be reached
payments, debits, savings, deposits and electric power sales increased in any August during the years 1916-1926 covered in the
In most of the cities. Seven of the thirteen cities showed a decline In retail Association
's statistical study. The figure indicates a gensales, although the total for the district increased. Johnstown, Lancaster
and Reading showed the greatest recessions In retail business. Details eral activity 69% higher than the average for the identical
are given in the accompanying table.
cities in the same month during the years 1916-1923, which
Retail Trade.
Preliminary reports Indicate that business at retail in the Philadelphia
reserve district has been more active during the past four weeks
than that
In the preceding month. Prices generally continue steady.
During August sales by stores reporting to this bank exceeded
the July
volume by 3.9% and were 3.4% above those In August, 1925.
The total
sales for the eight months of 1926 also were 2.9% greater than
the total
for the same period of last year. Compared with the volume of a
year ago.
larger sales are reported by department, apparel and shoe stores,
but sales
at credit houses were smaller. Considerable gains are noted in juniors' and
period is taken as the norm in the Association's calculations.
The highest previous index figure for August, that of the
year 1923, was 157. The record for August of 1924 was
146, and for August of last year was 151. The index for
July of the present year was 176 and for June 175.
August totals in building permits showed a gain of 3%
over July, but a decline of approximately 9% from August
1925, according to statistics collected from 454 cities by
1686
THE CHRONICLE
[VOL. 123.
S. W.Straus & Co. Construction contracts for August were Factory Earnings in New York State Steady Through
Summer—Increase in Earnings of Clothing Workers.
2% under the total for August of last year, according to
reports collected by the F. W. Dodge Corporation.
Weekly earnings of the factory workers in New York
State averaged $28 86 in August, 70 cents more than in
Electrical Energy Consumption as a Measure of August 1925. There was practically no change from July.
Industrial Activity.
In the men's and women's figures, however, where the
The "Electrical World" has recently begun the compila- clothing industry assumed its proper importance, by means
tion and publication of monthly statistics showing the of weighting, the average for all industries showed an increase
amount of electrical energy consumed in the manufacturing from July. In August men averaged $32 70 an advance of
industries of the country and we have published the results 53 cents from the preceding month. Women's earnings
in these columns from time to time. Robert M. Davis wade tt proportionately larger gain as the average wage
Statistical Adviser of the McGraw Hill Publishing Co. has rose from $17 36 to $17 77. Average earnings have shown a
sent us the following communication pointing out that while minimum amount of fluctuation so far this year. As in 1925
the valueof other industrial barometers is limited by reason the summer curtailment was affected by reducing employof certain inherent defects, a barometer based upon electrical ment rather than working time and there was little change
energy consumption is believed to have eliminated many of in the pay of the factory operatives. The course of earnings
straightened out this year after the steady climb through
the limiting qualifications. He says:
There are four basic reasons why a barometer based upon the amount of the second half of 1925 but there are still four months left
electrical energy consumed would seem to present a picture of industrial in which an advance may occur. Reports concerning wage
activity which is more acceptable than that presented by other industrial
indicators. First, this barometer is timely to an unusual degree. A great rate changes show a striking absence of any wage cuts with
many of the central station companies read their meters on the last two about the same number of increases as a year ago.
days of the month and practically all manufacturing plants generating their
This statement was issued Oct. 1 by Industrial Comown energy read their meters on the last day of the month. It is possible
therefore to secure the information at a very early date after the close of the missioner James A. Hamilton. It is based on reports from
month. The industry has co-operated with "Electrical World" to such an over 1,600 firms who employ 35 to 40% of all the factory
extent in furnishing basic information that it has been found possible to operatives of the State. Average earnings are obtained by
issue a preliminary review of industrial activities for the previous month as
early as the evening of the 3d, with a second preliminary figure on the 8th dividing the total payroll for an industry or group of indusor 10th of the month,and the final reports all being in by the 25th. This is tries by the number of workers employed and are used to
considerably in advance of indicators at industrial activities based upon
relate changes in payroll to employment. The Comproduction or other operating and economic information.
The second advantage possessed by this barometer based on energy missioner's further advices state(
consumption, is that It is extremely diversified. Reports on energy consumption are received from every industry in the country, and from every
branch of every industry. In the metal industries, for instance, monthly
reports are received on energy consumed by rolling mills, iron and steel
plants, and also from the various fabricating branches of the industry, both
ferrous and non-ferrous. Again, in the textile industry, reports are received
from cotton mills, woolen mills, silk mills, and also from the tailoring or
fabricating branches of the industry. In the lumber industry, reports are
received from the lumber mills as well as from the furniture and fabricating
branches of the industry. So on through the various primary industries
of the country. One of the outstanding defects of many of the present
indicators is that they represent only one branch of an industry, which
branch may be operating at a high rate of activity while the remaining
branches are in a slump. The fact, also, that the reports are being received
not only from the industrial sections of the country but from every section
of the United States renders the information even more valuable. In this
way,it is possible to issue a barometer for each section of the United States
and for each of the primary industries in these sections, and this is being
done each month.
Thirdly, the barometer of industrial activity based upon the electrical
energy consumed by manufacturing plants is very sensitive to industrial
conditions. General industry is so highly electrified at the present time
that any reaction in the industrial life of the nation is immediately reflected
In the demand for electrical energy from central station companies and
from the generating plants of the manufacturing companies themselves.
One of the greatest assets of this new barometer lies in the fact that the
consumption of electrical energy is one of the first activities to feel any
change in general business. Car loadings do not register as an indicator
until the goods have been manufactured, sold and shipped. Bank clearings
do not register until the products are paid for, electric power statistics
however are a very sensitive and immediate indicator.
The fourth asset of this barometer based on energy consumption lies in
the fact that it can be very easily weighted as among the various industries.
In most barometers issued at the present time it is necessary to weight
several fundamentals which are expressed in dollars, tons, barrels, cubic
feet, &c. In the consumption of electrical energy however there is only
one unit—kilowatt-hour. All reports of activities, therefore, are on the
same basis.
As with all new undertakings it is probable that this barometer will have
to be revised from time to time to eliminate certain weaknesses which may
enter as the reports of energy consumption are further studied. At the
present time the amount of historical information available is not sufficient
to make it possible to correct the monthly activities for seasonal variation
or for the growth of industry. It will probably be several years before
sufficient information is available to make these more delicate adjustments.
One of our readers writes us saying the use of electricity
is gradually being extended to new plants and asking whether
increment from this source is excluded. He urges that the
figures would be without significance if the increased use of
electrical energy was occasioned by the decreased use of
other forms of power. We have put the question up to
Mr. Davis, and he replies as follows:
Seasonal activity in the clothing trades was responsible for the rise In
the earnings of both men and women. The largest increase for the men was
In the women's coat and dress shops where the average rose from $44 to
846 60. In the men's clothing shops the gain reached $3 70 and there
were similar increases in millinery and furs. The advance in the shoe
factories was smaller after a good increase In July. The other group in which
men's earnings averaged more was that of chemical manufactures. The
increase was general except for photographic chemicals The slight decrease
in the latter accompanied a further enlargement of working forces. There
was a smaller increase in the pay of printers.
The rest of the major industrial groups lost. The average decrease for
metal workers was very small, about 15 cehts, and it was only in the ship
yards that any substantial decline occurred. The loss in the jewelry shops
was explained by the number of workers taken back during the month.
An important increase was the gain of 60 cents in the steel mills along with
higher employment.
The small improvement in the cal flings of the cotton and silk goods
workers was not sufficient to keep the average for all textilesfrom declining.
Losses in the knitting and finishing mills caused a 40 cent drop for the
group.
The increased earnings of the clothing workers was even more important
in raising the average for women than for men oecause of the high percentage of women engaged in these trades. The average wage for women
clothing operatives rose from $18 65 to $19 50. There was also a gain in
earnings in the food industries as longer hours or reduced forces in the
highly seasonal canning and beverage industries brought about abrupt
changes in the average. The most prominent loss in food products was in
the biscuit factories where the women's average dropped from $18 60 to
$17 45
Women benefited more than men by the longer schedules in the cotton
mills. This was the only real gain in the textiles for in the silk industry—
the other branch to report an increase—the increase was due to the reopening of a mill where the wage scale is higher. There was a small loss in the
average pay of women metal workers. A gain in brass and copper goods
factories was offset by a reduction in the earnings of makers of instruments
following an advance in employment.
Guaranty Trust Co. of New York Can See No Indication
of a Major Decline in Business Levels.
Despite the fact that high levels of productive activity
and of general prosperity have been steadily maintained for
two years, and that during that time there have been elements in the situation that might have developed into positive adverse influences, economic conditions in general remain' surprisingly free from the factors which ordinarily
indicate the approach of a major decline in business levels,
the Guaranty Trust Co. of New York points out in the current issue of "The Guaranty Survey."
"Goods of all kinds are moving readily through the successive stages of distribution," the "Survey" says. "Employment is large, and wages, instead of lagging behind the
general price level, have advanced more rapidly than the
cost of living, resulting in an unusually even distribution
of purchasing power and of demand for the various classes
of commodities. Consequently, both industrial activity and
prices are well balanced." The "Survey" then adds:
In selecting our reporting manufacturing companies we have selected
only those which are very highly electrified—manufacturing plants in which
It is probable that any increase in the consumption of electrical energy
would be due entirely to increased operations in the plant, and not due to
the substitution of electric power for steam power. We keep very close
watch of the figures as they come in every month, and when any figure
seems to be entirely out of proportion we immediately write to that company, and if they have made some large substitution during the month
that company is immediately taken off our basic list. Also since we hear
The position of the banks is distinctly strong, notwithdtanding the steady
from the same companies every month the question of the gradual electrifi- Increase during the last five months in loans against security
collateral.
cation of industry is entirely eliminated. Any increase in consumption of Money rates remain moderate,although some seasonal stiffening
has already
energy by these reporting companies will be the result of increased opera- appeared and more is expected in the course of coming
weeks. The usual
tions in these factories, which operations are taken as indicative of operations autumn expansion of credit demand for the transportation
and marketing
in industry as a whole. We do not claim to be hearing from anywheres of crops and the financing of industrial and commercial
expansion is the
near the whole number of manufacturing plants in the country. At the predominant factor in the money market at present, and
will
presumably
present time we hear each month from about 2,000 manufacturing plants, remain so for the next two months.
consuming about 8 billion kilowatt hours per annum. These plants, howConservative Business Policies Maintained.
ever, are scattered throughout the country and in various industries, and
Except in the security markets, there is little evidence of speculation.
their month by month energy consumption or operations is, we believe,
Indeed, the course of commodity prices bears witness to the conservative
very indicative of the operations in the industry taken as a whole.
OCT. 2 1926.]
THE CHRONICLE
buying policies of wholesale and retail dealers. In building and
real estate
the speculative activity of a year ago appears to have subsided without
entailing serious difficulties. A similar situation exists with respect
to
labor, strikes being few and serious shortages almost entirely absent, while
the usual competitive bidding up of wages by employers to prohibitiv
e
levels has not yet appeared.
Although the favorable features of the business situation are clearly
in
the ascendancy at the present time, the existence of potential weaknesse
s
should not be ignored. Optimistic comment on the business outlook
is
too often based on rather vague references to the country's vast economic
resources, population growth, productive capacity, purchasin
g power,
industrial efficiency, and the like, as if these factors provided a complete
and infallible assurance of uninterrupted prosperity. That they
do virtually assure prosperity in the long run can scarcely be doubted;
but the
experience of the not distant past offers sufficient proof that this
prosperity
may be broken by periods of severe depression.
Potential Sources of Danger.
That the present volume of business appears to be based
in an unusual
degree on large and possibly abnormal activity in
a few key industries has
often been mentioned as a possible source of danger.
The decline since a
year ago in the average purchasing power per
unit of agricultural commodities has tended to retard economic recovery
on the farms, and emphasizes the fact that prosperity has not yet been fully restored
in all the
principal agricultural sections. The present distributio
n of the worlds
gold is clearly abnormal, and has contribute in
d
some measure to a not
wholly reassuring situation in our
security markets. The redistribution
of this gold and the commercial and financial readjustm
ents which will be
necessitated by the international debt payments
and by the slow process
of economic revival in Europe will inevitably
impose great obstacles to the
progress of trade here and abroad. Finally,
it is likely that the installmentselling movement in this country has been abused
or overdone in some cases,
and that its adverse effects must eventually be faced.
These considerations, however,by no means justify a
pessimistic outlook.
For the most part they are based on conditions
which have been present
in the situation for some time and which are
not at all likely to develop into
active checks to business activity in the near future.
Rather, they emphasize the need for a continuance of the caution and
conservatism which business men have displayed in the midst of the unexample
d prosperity of the
last few years.
The movement of stock prices has shown increasing
irregularity in the
last few weeks. While in some instances vigorous advances
have continued
to occur and the whole list has exhibited considerab
le resistance under
intermittently heavy pressure, the rapid and consistent
upward trend of
values observed in recent months is no longer
in evidence. The somewhat
higher money rates in prospect for several weeks
to come may influence
the market in some degree, although it
is not probable that they will represent a controlling factor.
Commodity Prices Someuhat Firmer.
Commodity prices, after reaching
in August the lowest point for the last
two years. have more recently displayed
increased strength, but remain
below the average for any other
month since the autumn of 1924. The
rather consistent downward movement
of the price level since February.
in the face of active trade and undoubted general prosperity, is one of the
most interesting features of the business
situation. Expanding commerce
and rising commodity prices usually
go hand-in-hand, while a declining
price level ordinarily tends to restrict
activity.
The downward movement of prices is probably
a result of large productive
capacities and exceptionally efficient transporta
tion facilities, and may be
a result and at the same time a contributo
ry cause of the conservatism of
most business concerns in the matter of purchasing
for future requirements.
It is undoubtedly this latter factor which,
combined with the vitality inherent in the present situation, accounts
for the failure of the price decline
to inhibit in any measurable degree the activity of business
in general.
When concerns at every stage of the distributi
ve process are in a highly
liquid condition as regards stocks of goods, inventory
losses resulting from
a gradual price recession cannot be great. As long,
therefore, as the decline
does not become sufficiently rapid to occasion undue hesitancy
in the making
of commitments,its influence may actually be wholesome
rather than otherwise, since it tends to prevent a curtailment
of consumption, to discourage
speculation and to limit the rate of credit expansion
.
Employment in
Selected Industries
During August.
in United States
Employment in manufacturing industries increased 1%
in August as compared with July, and payroll totals increased
3.7%, according to the Bureau of Labor Statistics of the
United States Department of Labor. In its review of the
labor situation the Bureau adds:
The return to regular conditions, after
the inventory-taking and repair
season of July, accounts for a part of these
increases, although in many industries a well-defined upward trend in employme
nt was noticeable despite
the continuance of the vacation
season.
Employment in August also was 0.9% greater than
in the same month
of 1925,and payroll totals were
3.5% greater.
The Bureau's weighted index
of employment for August is 90.7, as compared with 89.8 for July 1926
and 89.9 for August 1925; the index for payroll totals for August is 94.6
as compared with 91.2 for July 1926 and 91.4
for August 1925.
This report covers 10,180 establishm
ents, having in August 2,996,995
employees, whose combined earnings
in one week were $79,832,996.
Comparison of Employment and
Payroll Totals in July and August, 1926.
Thirty-eight of the 54 separate
industries made employment gains in
August, rubber boots and shoes leading
with gain of over 25%, after a
vacation period in July. Fertilizers showed a
a seasonal gain of over 11%;
pottery showed a gain of 10%,following
its usual slack period in July; and
women's clothing showed a seasonal gain
of 7.8%, despite effects of labor
troubles in New York. The stove,
flour, piano, boot and shoe, and confectionery industries each added 5% or more
to their employees. The automobile, dyeing and finishing, textiles, and
hosiery industries each gained
2.6% in employment, while the iron
and
steel
industry gained 1.1% and
woolen and worsted
goods gained 0.2%.
The machine-tool industry, as usual
in August, reported considerably
fewer employees at work, owing to
customary vacations, and the other
noticeable-although much smaller
-decreases were in the shirt and collar.
carpet, cigar, baking and ice cream
industries.
Employees' earnings were greatly increased
in August in 43 of the 54 industries, 20 of the industry increases ranging
from 5 to 18.9%. The rubber boot and shoe, women's clothing, and pottery
industries each reported
a gain of over 16%;automobiles reported a gain of 11.7%,
boots and shoes
1687
of8.9% cotton of3.5% iron and steel and foundries of
2% each,and woolen
goods of 0.4%.
Eleven of the 12 groups of industries showed increased employme
nt in
August, and with one exception-the food group, in which there
was no
change-in employees' earnings as well. The greatest improvem
ent in
each item was made in the leather group. The vehicle,
textile, and stone,
clay and glass groups each combined a comparatively small
gain in employment with a large increase in payroll totals. The tobacco
group alone reported fewer employees in August, with a consequent
drop in payroll totals.
Employment conditions in August were better in 8
of the 9 geographic
divisions, and employees' earnings increased In every
division. Increases
In employment ranged from 0.2% in the Middle
Atlantic States to 1.8%
in the East North Central States; the Mountain
States dropped 0.8% of
their employees. Payroll totals were 7.4% greater in
the East North Central division and 1% greater in the East South Central
division.
For convenient reference the latest figures available
relating to all employees, excluding executives and officials, on Class I
railroads, drawn from
Inter-State Commerce Commission reports, are given
at the foot of Table 1
and Table 3.
TABLE 1.-COMPARISON OF EMPLOYMENT AND
IDENTICAL ESTABLISHMENTS DURING ONEPAYROLL TOTALS IN
WEEK EACH IN
JULY AND AUGUST 1926.
[The per cents of change for each of the 12 groups of Industries,
and for the total of
all groups, are weighted.]
Industry.
Establistsments.
.
Food and kindred
products
Slaughtering and
meat packing_
Confectionery
Ice cream
Flour
Baking
Sugar refg.. cane
Textiles and their
Products
Cotton goods.-Hosiery and knit
goods
BIM goods
Wool.& worsted
goods
Carpets and rugs
Dyeing and finishing textiles
Clothing, men's_
Shirts & collars_
Cloth'g, womens
Millinery & lace
goods
Iron & steel & their
products
Iron and steel
Cast-iron pipe
Strue'l ironwork
Foundry & machine shop prod
Hardware
Machine tools
Steam fittings &
steam &hot water heating app.
Stoves
Lumber & its prod.
Lum., sawmills_
Lum., millwork_
Furniture
Leather & its prod_
Leather
Boots and shoes_
Panes and printing
Paper and pulp_
Paper boxes....
Printing, book&
job
Ptg. newspapers
Chemicals & allied
products
Chemicals
Fertilizers
Petroleum refg_
Stone. clay & glass
products
Cement
Brick, tile and
terra cotta
Pottery
Glass
Metal prod., other
than iron & st'l
Stamped and
enameled ware
Brass, bronze &
copper prod'ts
Tobacco products_
Chew'g &smok'g
Lob. & snuff
Cigars, eig'tes_
Vehicles for land
transportation
Automobiles__ _ _
Caeges & wag'ns
Car building and
repairingElectric railed
Steam railroad
Miscell. industries
Agricul.'alerts_
Elec. machinery,
apparatus and
supplies
Pianos & organs
Rubber boots &
shoes
Automobile tires
ShIpbldg., steel_
Total
Number on Payroll.
July
1926.
1,493
209,054
194
256
204
334
490
15
84,941
28,384
11,095
15,046
58,742
10,846
1,821
479
541,322
205,691
247
202
78.366
54,528
193
29
58,112
20,619
87
262
77
176
27,352
54,399
19,628
14,698
Per Cf.
August
of
1926. Change
Amount of Payroll.
July
1926.
August
1926.
Per Cl.
of
change
$
$
5.370,061 5.371,812 ()
+0.9 2,191,181 2,172,325 -0.9
+5.0
515,488
546,831 +6.1
-1.9
372,737
366,462 -1.7
+6.5
396.230
425,764 +7.5
-2.2 1,576,984 1,533,090 -2.8
+.2
317,443
327,340 +3.1
546,261 (5) 10,079,828 10,525,874 (9
205,132 -.3 3,008,839 3,114,734 +3.5
210,797 (9
85,740
29,800
10,889
16,028
57,469
10,871
78,381 +2.6 1,373,120 1,460,595 +6.4
55,541 +1.9 1,118,286 1,186,889 +6.1
58,251 +.2 1,286,427 1,291.008 +.4
19,851 -3.7
521,468
527,418 +1.1
28,07 +2.6
625,357
654,181 +4.6
56,41 +3.7 1,312,370 1,406,877 +7.2
18,74 -4.5
301,480
289,941 -3.8
15.83 +7.8
320,451
374,141 +16.8
10,03 +1.1
212,030
220,090 +3.8
69
9,923
1,828
215
48
158
688.654
280,527
16,170
25.589
690.42
283.68
15,88
25,53
982
66
159
246,706
34.261
31,413
246,091 -.2 7.096.690 7,224,79
34,543 +.8
823,289
876,63
28,662 -8.8
942,538
877,91
.
111
87
1.069
452
239
378
342
135
207
888
211
177
40,654
13,334
215,254
128.921
30,862
55,471
116,151
27,386
88,765
168,386
55,682
19,111
41,585
14,438
217,750
129,629
30,906
57,215
121,401
28,114
93,287
168,812
55,87
19,32
289
211
46,102
47,491
46,00
47,60
-.2 1,590,494 1.585.725
+.2 1,906,629 1,890,362
284
116
113
55
88,818
28,896
7,113
52,809
691
95
112,913
27,017
415
58
123
36,557
11,756
37,583
213
52,060
(9 19.646.33820,020,246
+1.1 8.178.011 8,345.63
-1.8
388,273
367.04
-.2
713.618
736,47
+2.3
+8.3
(5)
+.5
+.1
+3.1
(9
+2.7
+5.1
(9
+.3
+1.1
1,162,207
341,712
4,561,554
2.549,882
747,966
1,263,706
2,717,734
675,548
2,042,186
5,355,586
1,441,650
416,813
(9
+2.0
-5.5
+3.2
+1.8
+6.5
-8.9
1,204,784 +3.7
386,959 +13.2
4,785.446 (9
2,624,264 +2.9
779,601 +4.2
1,381,581 +9.3
2,933,657 (9
710,480 +5.2
2,223,177 +8.9
5,391,265 (9
1,495,408 +3.7
419.770 +.7
-.3
-.9
89,71 (9
2,592,178 2,659,219 (9
29,09
+7 789,812
785,31 -0.6
7,904 + 11.1
149.677
160,11 +7.0
52,711 -.2 1,652,689 1,713,783 +3.7
114,950 (8) 2,907,928 3.092,496 (9
27,189 +.6
781,182 839,79 +7.5
36.726 +.5930,345 964,43 +3.7
12,927 +10.0
289,178
335,71 +16.1
38.108 +1.4
907,223
952,546 +5.0
52,131 (9
1,343,110 1,379,325 (9
66
19,216
19,156
-.3
438,412
459,226 +4.7
147
201
32,844
43,764
32,975 +.4
42,665 ()
904,698
774,251
920,099 +1.7
765.387 (9
30
171
8,852
34,912
9,031 +2.0
33,634 -3.7
140,356
633,895
135,122 -3.7
630,265 -.6
946
205
66
482,229
317,555
2,245
489.16
325,92
2.30
(9 14,300,173 15,604,224 (9 .
+2.6 9,628.751 10,756,266 +11.7
+2.5
47,448
52,013 +9.6
225
450
406
94
18,966
143,463
246,368
25.897
18,87
142,06
252,92
26,41
-.5
564,490
576,275 +2.1
-1.0 4,059.484 4,219,670 +3.9
(8) 7,028.207 7,304,045 (9 li
723,558
760,072 +5.0
+2.0
161
40
115,880
7,802
117,296 +1.2 3.269.137 3,391,332 +3.7
8,207 +5.2
213.994
240,67 +12.5
10
16,339 +25.3
13,041
311.273
369,96 +18.9
83
56.724 +2.3 1.693.969 1,716,78 +1.3
65,432
27.944 -1.3 816,276
38
28,316
825,21 +1.1
10,180 2,964.973 2,996,995 (9 76,676,948 79.832.996 ()
Reeggaufagion Sr Geographic DtsfAlotts,
Geographic Moist on$
$
New England.- 1,310 392,770 398,722 +1.5 9,328,275 9,657,038
Middle Atlantic__ 2,444 830.219 831,503 +.2 23,037,428 23,358,986
East North Central 2,699 984.3201,002.185 +1.827.940.90930,010.780
West Nor. Central
988 157,556 160,060 +1.6 3,922,545 4,057.785
South Atlantic_ _ _ 1,098 268,427 270,438 +.7 4,928,689 4.995.341
East South Central
465 108,509 109,511 +.9 2,055,647 2.077,158
87,458
WestSouthCentrai
425
88,777 +1.5 1,803,035 1,890,118
27.449
Mountain
27,237 -.8
175
726,741
735.938
577 108,265 108.562 +.3 2,933,679 3.049.852
Pacific
in inn 2.064.973 2.996.995
ts1
+3.5
+1.4
+7.4
+3.4
+1.4
+1.0
+4.8
+1.3
+4.0
75 R75 945 79.532.996 (sl
For.. 123.
'nu+, CHRONICLE
1688
Employment on Class I Railroads.
a$239.058.065
I
1.791,922
May 15 1926
a 241,574.062 I +1.1
I +1.4
1.816.818
Jure 15 1926
that the figures in
reason
the
p •The pee cent of change has not been computed for
reporting:
the preceding columns are unweighted and refer only to the establishments
made for the relais
allowance
proper
wherein
change,
of
cent
for the weighted per
represent all estabtive Importance of the several industries, so that the figures may
Sahments of the country in the industries here represented, see Table 2.
a Amount of payroll for 1 month.
Comparison of Employment and Payroll Totals in August 1925 and
August 1926.
Employment In manufacturing industries In August 1926 was 0.9%
greater than in August 1925. and employees' earnings were 3.5% greater,
payroll
82Industries showing greater employment and 33 industries greater
totals.
The most pronounced improvement in this 12-month interval occurred in
iron and steel industries-machine tools, structural iron work, foundry and
machine shop products, iron and steel, and stoves-and also in electrical
machinery, apparatus and supplies and in steel ship building.
The most pronounced losses shown by this yearly comparison were in
textile industries-woolen and worsted goods, millinery and lace goods.
women's clothing, silk goods, shirts and collars, and carpets-and in the
cigar industry.
The West Routh Central and South Atlantic States showed the greatest
Increase in manufacturing activity in August 1926 as compared with August
1925. The East North Central and Pacific geographic divisions also showed
considerable advance. The Mountain States showed the greatest decrease
In employment and employees' earnings, while the New England division
also made an unsatisfactory showing, largely owing to conditions in the
textile industries.
TABLE 2-PER CENT OF CHANGE JULY TO AUGUST 1926 IN THE 12
GROUPS OF INDUSTRIES AND IN THE TOTAL FOR ALL INDUSTRIES.
[Computed from the index numbers of each group, which are obtained by weighting the index numbers of the several Industries of the group by the number of employees or wages paid in the industries.]
% of Change
July to August.
1926.
% of Change
July August.
1926.
Group.
No. on Amt. of
payroll Payroll.
No. on Amt. of
payroll. Pasta.
Food Ss kindred products
Textiles & their prod.__
Iron & steel & their prod.
Lumber & its products. _
Leather & its products._
Paper and printing
Chemicals and allied
products
Stone, clay and glass
products
•No change.
+0.7
+1.6
+.2
+.9
+4.4
+.2
(a)
+5.8
+2.0
+4.4
+7.9
-1-.8
+1.6
+2.1
+2.1
+6.3
Metal products, other
than iron and steel...
Tobacco products
Vehicles for land transportation
Miscellaneous Industries
All Industries
+0.2
-3.0
+2.3
-0.9
+0.7
+1.3
+7 2
+2.6
+1.0
+3.7
was due to a rewas in the automobile industry. This large increase
increased
sumption of full time after July inventory taking, and also to
following
activities in many establishments. Employees in each of the
cement, and
Industries-women's clothing, carriages and wagons, pianos.
decreased
earnings
furniture-gained 6% or more in this item. Per capita
shoe,
from 3.7% to 5.7% in the cast-Iron pipe, fertilizer, rubber boot and
also much
and chewing and smoking tobacco industries. There were
smaller decreases in seven other industries.
compared
Increased per capita earnings were shown in August 1926 as
with August 1925 in 36 industries, and no change was shown in three
interval
industries. The most pronounced improvement In the year's
falling
was 6.7%-in book and Job printing. The most pronounced
off In this comparison was 8.3%-in the women's clothing Industry.
TABLE 4.-COMPARISON OF PER CAPITA EARNINGS, AUGUST 1926
WITH JULY 1926 AND AUGUST 1925. •
% of Change
August 1926
Compared with
% of Change
August 1926
Compared u 1th
Industry
Automobiles
Clothing, women's_ --Carriages and wagons__
Pianos and organs
Cement
Furniture
Hardware
Pottery
Carpets and rugs
Starnoed and enameled
ware
Car building and repairing. steam railroad
Stores
Silk goods
Lumber. millwork
Petroleum refining_ _ _
Cotton goods
Boots and shoes
Glass
Hosiery & knit goods_
Clothing. men's
Paper and pulp
Structural ironwork
Brick. tile & terra cotta
Cigars and cigarettes_
Agricultural Implements
Sugar refining, cane...
Millinery & lace goods.
Car building and repairing, electric railroad.
Electrical
machinery.
apparatus,k supplies_
Indiatry.
July
1926.
July
1926.
August
1925.
+8.8
+8.3
+6.9
+6.9
+6.8
.0
+5.6
+5.6
+5.1
+33
-8.3
+6.2
+6.4
+3.3
+4.2
+4 8
-0.3
+2.6
+5.1
-4.7
+4.9 +5 0
+4.6 -IS
+42 -0.3
+4.0 +0.9
+3.9 -1.8
+3.8 -1.7
+3.6
+3.6 +1.5
+3.6 +3.5
+3.4 -2.8
+3.4 +3.1
+3.4 +1.9
+3.2 (5)
+3.2 +2.3
+3.0 +4.9
+2.9
+2.7 +2.3
+2.8
+0.1
+2.5
+2.2
Leather
Shipbuilding. steel....
Lumber. sawmills
Foundry and machineshop products
Machine tools
Dyeing and finishing
textiles
Brass, bronze, and copper products
Steam fittings & steam
& hot-water heating
apparatus
Confectionery
Flour
Iron and steel
Shirts and collars
lce cream
Woolen & worsted goods
Printing, book and Job.
Paper boxes
Baking
Automobile tires
Printing. newspapers
Chemicals
Slaughtering and meat
packing
Cast-iron pipe
Fertilizers
Rubber boots and shoes
Chewing and smoking
tobacco and snuff__
Avesta
1925.
+2.4
+2.4
+2.3
+2.1
+2.8
+3.3
+2.1
+2.1
+3.7
+1.0
+1.9
+1.3
-2.8
+1.3 +2.9
+1.0 +2.4
+09 +1.5
+0.9 +0.1
+0.7 -1.9
+3.1
+0.1
+3.8
+0.1
+6.7
-0.1
-0.4 (5)
-0.6 +1.3
-0.9 +0.9
+3.8
-1.1
-1.2 +4.2
-1.8
-3.7
-3.7
-5.2
+0.5
(x)
+3.6
-5.7
-5.7
-5.3
•No change. :Data not yet available.
Wage Changes.
AND PAYROLL TOTALSFifty-five establishments in 21 Industries reported wage-rate increases
TABLE 3.-COMPARISON OF EMPLOYMENT
affected
AUGUST 1926 WITH AUGUST 1025.
for the month ending Aug. 15. These increases. Sveraging 5.6%.
and for the total
being 26% of the total employees in the establishments
(The per cents of change for each of the 12 groups of industries.
of change 4,397 employees,
cents
per
as
the
are
manner
same
the
In
weighted
are
industries,
of all
concerned.
In Table 2.1
Wage-rate decreases were reported by six establishments in two industries.
or 41% of
These decreases averaged 11.8% and affected 526 employees.
% of chance.
% of chance.
the employees in the establishments concerned.
August 1026
August 1926
Comm ed 505
Compared u-US
JULY 15 AND
August 1925,
August 1925.
TABLE 5-WAGE ADJUSTMENT OCCURRING BETWEEN
AUGUST 15 1926.
Industry.
Inclustra.
NO. OW Amt. of
No.on Am1. of
!mural payroll
oayroll oayrol,
Employees Affected.
Per cent of increase or de
+4.1
Establish&
prod.
clay
glass
itone.
+4.8
+0.8
-0.1
products
Food & kindred
Per cent Of
In
crease
-4.4
-1.3
',tents.
Cement
Slaughtering and meat
employees.
wage Totes.
+5.1
Br'k, tile & terra cotta
+4.8
-2.5 -2.4
packing
+3.5 +3.4
Pottery
+1.5
-1.0
Confectionery
estabIn
Num+6.4 +8.1
Glass
+0.4 +3.4
Ice cream
!Ohm's.
ber re
+4.8 Metal products, other
+3.1
Industry.
Flour
Total reporting In all at-1.0 -4.4
than iron and steel
Total port's
+2 5 +3.8
Baking
rium- laces, Range. Aver- sum- increase IOWAStamped & enameled
.
-7.0 -7.8
Sugar ref's. cane
Hunts
or debe?.
aae
+0.3 -4.6
or deber
ware
-7.6
Textiles & their products -6.1 -3.6
crease in report'.
report crease •
Brass, bronze & cop-2.2
Cotton goods
wage
-1.6 -4.2
Mirage
leg.
per
+0.5
products
-2.8
goods.
knit
Hosiery &
rates.
-9.7 -8.2
rates
-8.9 -9.1 Tobacco products
Silk goods
Chewing & smoking
Woolen & worsted Irds -11 3 -7.9
Increases.
__
&
snuff__
tobacco
-5.0
+4.0
-1.4
-7.2
Carpets and rugs
Cigars and cigarettes. -II.5 -0.1
Dyeing and finishing
92
(*)
6
6.0
6
1
194
+0.8 +5.3 Slaughterg & meat pack'g_
-1.1 -0.9 Vehicles for land tramp.
textiles_
2
93
74 253
3 5-7.5
334
+0.7 +4.5 Flour
Automobiles
-4.8 -7.7
Clothing, men's
87
(I)
982
9
5
5-6.5
2
479
+9.8 +16.5 Cotton goods
Carriages and wagons
Shirts and collars____ -7.9 -9 7
VI
27
9
5.3
5-6
2
193
&
bldg.
repair's
goods...
Car
&
worsted
Woolen
-17.3
.
-9.7
Clothing, women's__
17
CI
15
5.7
2 5-6.7
176
Electric railroad__. +2.2 +2.1 Clothing. women's
Millinery & lace goods -21.5 -19.8
91
Cil
8
7.4
7 3-10
158
+0.4 +60 Structural ironwork
Steam railroad__
Iron & steel & their prod. +7.4 +9.1 Miscellaneous industries
+4.9
+6.9
machine-shop
and
Foundry
+5.0
+5.0
Iron and steel
(*)
47
461
4-10
5.0
6
982
+4.1
+9.0
Agricultural implem'ts
products
+10.5 +12.8
Structural Ironwork
(s)
14
54
4.5
4 3-9
159
Electrical mach., apMachine tools
Foundry & machine63
4.4
(5)
5
2 2-5
239
paratus & supplies. +11.4 +13.7 Lumber. millwork
+9.9 +13.7
shop products
9.9
46
CI
6.5-11.2
4
7
378
Pianosand organs.... +19.3 +27.2 Furniture
-5.0 -0.2
Hardware
(*)
25
5.4 114
4 5-13
289
+6.6 +0.6 Printing, book and job
Rubber boots & shoes
+14.8 +15.7
Machine tools
(e)
18
58
9.2
1-12
3
211
-8.6
-7.6
Printing, newspapers
Automobile tires
Steam fittings de steam
8.7 112
(*)
2 5-10
6
116
+6.2 +9.0 Chemicals
Shipbuilding, steel_
•
and hot water heat(o)
64
8.0
100
8
1
Brick. tile & terra cotta.. 415
+0.5 +2.9
ing apparatus
Total
+0.9 +3.5 Brass. bronze & copper
+4.5 +2.6
Stoves
7
(9
9
90
18
1
147
products
products__
+2.6
-0.6
Lumber & its
(5)
6.7 232
16
2 5-7
205
Automobiles
Lumber. sawmills___. -0.6 +2.7
Recapitulation.
10
10.0 149
100
1
8
66
Carriages and wagons
Lumber. millwork__. -3.9 -2.8
repairing,
and
building
Car
2
+1.6 +6
Furniture
2
6.1
6-14.3
753
4
51
225
electric railroad
-0.5 -0.5 'ieographic
2
Leather & its products._
2.0 674
1
450
in
60
Steam railroad
New England
-3.0 -2.6
+5.3
+3.1
Leal her
Middle Atlantic
+0.9 +3.4 Electrical machinery, ap-1.6 -2.7
Boots and shoes
3
4.4 118
2.3-12
(P)
7
IV
paratus and supplies
East North Central.. +2.3 +5.2
5
+7
+3.2
printing
and
Paper
(41
2 5-10
6.1
11
32
40
•
West North Central__ -0.6 +0.7 Pianos and organs
+1.7 +5.2
Paper and pulp
South Atlantic
+3.9 +5.4
+3.8 +4.0
Paper boxes
Decreases
._
0
Central
East
South
-I
-0.9
I
+10
+3.4
Printing, book & Job.
West South Central...
+4.7 +8.0
+4.3 +7.9
(*)
Printing, newspapers.
39
4 4.3-201 11.2 460
452
-4.3 -2.9 Lumber, sawmills
Mountain
+3.6 +5.3
Chemicals & allied prod.
(*)
77
2 10-251 15.9
66
135
Leather
+2.2 +5.1
Pacific
+4.0 +8.6
Chemicals
+1.0 +4.5
one-half 01 1%.
. Fertilizers
Less
•
than
Total
+0.9
+3.5
+4.3 +2.2
Petroleum refining,,.
Indexes of Employment and Payroll Totals in Manufacturing Industries.
Railroads.
I
Employment on Cats
Index numbers for August 1.026 and for July 1926 and August 1925
showing relatively the variation in number of persons employed and In
Per Cent
Amount of
Number on Per Cent
the 53 a Industries surveyed by the Bureau of
Payroll.
Of Change. payroll totals. In each of
Payroll. ofChange.
Monsh and Year.
Labor Statistics, together with general Indexes for the combined 12 groups
1,705,260$232.787,616
of industries, appear in Table 6, following:
June 15 1925
+3.8
*241,574,062
2-.15
-17
1.816,818
The general Index of employment for August 1926 Is 90.7, this number
June 15 1926
July 1926, and 0.9% higher than the
being 1% higher than the index for
•Amount of payroll for one month,
index for August 1925. The general index of payroll totals for August
Per Capita Earnings.
1926 is 94.6. this number being 3.7% higher than the Index for July 1926
greater than in July 1926
Per capita earnings in August were 2.7%
and 3.5% higher than the Index for August 1925.
and 2.6% greater than In August 1926.
increased per capita
a The total number is 54, but data for computing indexes for east iron PITA are
Forty-three of the 54 separate industries show
gas
greatest increase, 8.8% not yet all available.
earnings in August as compared with July. The
TABLE 5-INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES AUGUST 1925 AND JULY AND
AUGUST 1026.
(Monthly average 1923 = 100.1
Payroll Totals.
Employment.
Industry.
AugustJuly
1925. 1920.
95.5
91.0
97.6
89.9
90.7
91.4
91.2
94.6
89.8
81.2
79.5
113.0
92.5
100.8
93.4
81.5
76.2
93.6
96.3
76.3
83.9
94.2
85.1
77.2
74.5
65.1
91.6
96.7
104.9
87.7
85.8
92.4
92.8
84.7
85.1
119.8
92.1
100.9
104.0
87.2
74.1
103.9
113.7
81.1
85.7
94.0
89.4
82.6
89.2
82.0
86.8
93.1
99.9
79.4
96.4
88.1
93.5
83.5
81.5
126.1
89.8
107.7
93.0
76.2
69.0
98.1
97.4
744
80.5
89.1
77.0
77.6
63.2
63.4
92.8
05.9
109.2
88.7
90.3
109.5
93.5
82.7
86.4
123.9
96 5
104.7
95.9
80.6
71.4
104.4
103.4
74.7
81.4
93 2
82.5
74.6
73.8
65.8
94.7
97.8
112.7
90.3
96.2
101.9
97.0
85.4
92.4
90.2
98.6
96.4
92.4
90.7
93.0
102.3
95.2
100.1
102.4
110.1
94.7
93.6
82.6
101.6
102.9
97.2
110.1
107.7
95.9
98.9
81.0
97.1
94.8
109.7
96.6
94.2
88.6
96.4
101.6
96.9
102.3
101.1
106.4
93.9
92.2
86.1
97.8
105.4
108.8
111.4
113.0
96.2
93.2
73.4
95.4
94.6
102.3
93.9
86.8
88.7
86.1
108.5
98.3
105.7
111.7
11.5.8
96.9
100.7
84.1
96.4
104.0
99.9
112.6
100.6
99.1
101.8
83.1
99.6
97.4
106.6
102.6
93.7
93.3
93.8
109.2
101.9
106.4
111.3
114.8
98.9
100.1
90.0
1009
110.5
107.4
116.8
116.8
104.0
94.5
91.3
96.0
81.2
98.3
88.5
101.9
91.9
91.9
80.6
969
85.2
940
84.4
97.6
84.4
96.6
79.2
91.4
108.4
104.3
99.0
91.1
89.9
107.3
90.1
101.4
83.3
88.3
100.4
95.8
97.6
82.8
94.7
112.1
105.0
88.4
88.5
90.3
78.8
93.1
98.6
80.3
97.0
102.4
83.5
99.5
107.5
89.3
79.3
81.9
122.9
86.8
97.9
89.7
69.3
111.9
93.6
101.5
100.9
82.4
113.3
94.6
00®000400-4000000--l®00
00000000000
000000000
W.'8013.8.40000000M00M000000
4..-40000.-4.WW00,C0.1.0000000WW ,
D-.00O.
85.8
W
87.7
80.0
90.2
90.3
0000
92.9
89.5
90.7
107.6
95.0
0000&.Lq000006i000066.6000000
96.5
81.7
93.0
90.7
102.6
94.9
92.9
88.0
94.5
99.1
93.6
96.4
999
105.6
91.4
90.0
81.8
97.4
98.8
101.7
104.8
104.1
90.1
000000
89 9
83.3
80.3
112.5
89.7
98.3
100.4
86.8
77.9
96.3
105 7
86.0
90.4
95.2
89.4
83.8
82.5
82.9
85.3
92.1
94.9
79.8
90.3
80.5
August
1928.
80.3
94.6
94.0
87.5
77.4
75.3
121.5
33.4
W805W.
Food and kindred products
Slaughtering and meat packing_
Confectionery
Ice cream
Flour
Baking
Sugar refining. cane
Textiles and their products
Cotton goods
Hosiery and knit goods
Silk goods
Woolen and worsted goods_ __ _
Carpets and rag.,
Dyeing and finishing textiles_ _ _
Clothing, men's
Shirts and collars
Clothing, women's
Millinery and lace goods
Iron and steel and their products_
Iron and steel
Structural Iron work
Foundry & machine-shop prod_
Hardware
Machine tools
Steam fittings & steam & hotwater heating apparatus_ _ _ _
Stoves
Lumber and its products
Lumber, sawmills
Lumber, millwork
Furniture
Leather and its products
Leather
I3oots and shoes
Paper and printing
Paper and Pulp
Paper boxes
Printing, book and Job
Printing, newspaper 1
Chemicals and allied products _ _ _ _
Chemicals
Fertilizers
Petroleum refining
Stone, clay and glass products...
Cement
Brick, tile and terra cotta
Pottery
Glass
Metal products, other than iron
and steel
Stamped and enameled ware _
Brass, bronze and copper prod
Tobacco products
Chewing & smoking tobacco &
snuff
Cigars and cigarettes
Vehicles for land transportation
Automobiles
Carriages and wagons
Car building and repairing.
electric railroad
Car building and repairing,
steam railroad
Miscellaneous industries
Agricultural implements
Electrical machinery, apparatus
and supplies
Pianos and organs
Rubber boots and shoes
Automobile tires
Shipbuilding. steel
August A ?mist July
1926. 1925. 1926.
89.8
05:0000
.-001.7.i.
89.9
60 ,
4WW :
.4
General index
97.5
92.3
80.3
111.1
88.6
The following tables show the general index of employment in manufacturing industries from June, 1914, to August. 1926, and the general
Index of payroll totals from November, 1915, to August, 1926.
TABLE 7-GENERAL INDEX OF EMPLOYMENT AND OF PAYROLL
TOTALS IN MANUFACTURING INDUSTRIES.
Employment (June 1914 to A. got 1926)•
INIonthly average 1923=1001
1
Month. 1914.1915.1916.1917. 1918.1919.1920 1921 1922 1923.1924 1925.1926.
January _
February.
March...
April_ _ _.
May ---June....
July
August..
Sept
October
Nov
Dec
A vornon
____ 91.9 104.6117.0115.5110.1 116.1
____ 92.9 107.4117.5 114.7103.2115.6
____ 93.9 109.6117.4 116.5104 0 116.9
_ _ __ 93.
.
". 115.0103.6117.1
_ 94.0109.5115.1 114.0106.3117.4
98.9
__- 95.9110.0114.8113.4 108.7117.9
95.9 94.. 110.3 114.2114.6110.7110.0
92.9 95. 110.0112.7114.5109.9109.7
04.9 98. III 4110 7114 2112 1107 0
94.9108.8112.9113.2111.51(16.8102.5
93.9103.8114.5115.6113.4 110.0 97.3
92.9105.9115.1117.2113.5113.2 91.1i
I
nn.t .n
1689
THE CHRONICLE
OcT. 2 1926.1
n-r n..n ..., ..... .....n n .... n
.
.
.
.
76.
82.3
83 9
83.0
84.5
84.9
84.5
85.6
87.0
88.4
80.4
89.9
87.0 98.0 95.4
87.7 99.61 96.6
83.2101.8196.4
82.4101.8194.5
84.3 101.81 90.8
87.1101.9187.9
86.8100.41 84.8
88.0 99.71 85.0
90.6 99.81 86.7
92.6 99.31 87.9
94.508.71 87.8
96.6 96.9 89.4
n,. on .....n n nn n
.
.
.
.
90.0 93.3
91.6 94.3
92.3 93.7
92.1 92.8
90.9 91.7
90.1 91.3
89.3 89.8
89.9 90.7
90.9 ...92.3
-92.5 -n. ... ...... n
.
.
a Average for 7 months. b Average for 8 months.
The establishments in operation were employing an average of 87% of
a full normal force of employees, who were working an average of 97% of
full time. These averages indicate a decided Improvement both in numbee
of employees and in average time worked as compared with July
TABLE 8-ESTABLISHMENTS WORKING FULL AND PART TIME AND
EMPLOYING FULL AND PART WORKING FORCES IN AUGUST. 1926.
Arcs.
Agee. Per Cent of P. C.
0/No,'EstablishP. C.
MelitS
mat
ments
of Full
Operating
Full
Operating- Time
OperForce
withEmated
in Es
ployed
by Establielp
P. C. Full
Part mews Full
Part tablishIdle. Time. Time. Oper- Nor- Nor- ments
Opermal
ating. ?nal
Force. Force ating.
Establishmenu
Reporting.
Industry,
Total
No.
Food and kindred
1,154
products
Slaughtering At meat
161
Packing
191
Confectionery
154
Ice cream
235
Flour
403
Baking
10
Sugar refining, cane
Textiles & their prods_ 1,238
399
Cotton goods
143
Hosiery & knit goods
149
Silk goods
Woolen & worsted
goods
153
Carpets and rugs_ _ _
19
Dyeing & finishing
textiles
73
Clothing, men's... _
193
39
Shirts and collars..
Clothing, women's_
87
Millinery and lace
33
goods
Iron & steel & their
1,461
Products
Iron and steel
142
C.is -iron pipe
47
Structural ironwork
136
Foundry & machine832
shop products...
37
Hardware
134
Machine tools
Steam fittings and
steam& hot-water
72
heating apparatus
61
Stoves
790
Lumber & its prods_ _
367
Lumber, sawmills_ _
173
Lumber, millwork__
250
Furniture
267
Leather & Its prods.....
102
Leather
165
Boots and shoes _ _ _ _
564
Paper and printing.. _
136
Paper and pulp...113
Paper boxes
179
Printing. book At lob
136
Printing, newspaper
Chemicals and Allied
187
products
70
Chemicals
77
Fertilizers
40.
Petroleum refining..
Stone, clay, and glass
503
products
69
Cement
Brick, tile and terra
330
cotta
39
Pottery
65
Glass
Metal products, other
149
than iron and steel
Stamped and enam44
eled ware
Brass, bronze. and
105
copper products_
86
Tobacco products_ _ _ _
Chewing & smoking
15
tobacco and snuff
71
Cigars & cigarettes_
Vehicles for land trans725
portation
129
Automobiles
47
Carriages & wagons
Car building and repairing:
Electric railroad_
171
Steam railroad__ _
378
Miseell industries- _
264
Agricul implements
79
Electrical machinery. apparatus, &
supplies
00
Pianos and organs_ _
21
Rubber boots and
shoes
6
Automobile tires.,.
46
22
Shipbuilding, steel_
Total
7,388
(a)
(a)
(a)
3
3
2
1
1
2
3
10
Per Cent of
Establish-
82
18
96
53
40
89
81
60
97
74
91
70
71
66
55
84
19
39
3
26
8
30
27
31
43
15
98
92
100
92
98
93
94
93
89
97
54
51
66
68
60
40
54
34
31
46
91
43
34
32
40
57
43
64
68
92
68
93
91
96
87
85
88
83
85
69
47
30
53
93
90
25
32
74
68
79
77
62
83
85
82
33
15
13
8
94
96
98
98
34
40
59
34
66
58
38
55
86
86
89
85
3
76
21
94
12
85
68
(a)
1
81
78
51
99
18
20
49
1
97
95
84
100
34
29
40
50
65
70
60
50
82
87
89
87
(a)
81
76
80
19
24
11
97
97
99
33
22
28
66
78
72
80
79
72
88
64
84
89
87
74
87
94
83
83
83
68
82
97
13
34
15
9
12
25
12
5
16
17
16
32
18
3
98
91
98
99
99
96
98
99
97
97
97
95
97
100
44
31
45
52
49
34
31
27
34
58
48
36
54
92
56
67
53
46
50
66
68
72
65
42
51
64
46
8
88
83
90
92
90
87
88
84
90
93
94
87
91
99
4
4
5
88
89
77
98
11
7
18
3
99
99
98
100
48
59
21
80
49
37
74
20
80
92
61
96
3
86
97
11
3
97
100
48
43
49
57
90
93
4
85
74
86
12
26
9
97
96
93
51
23
54
45
77
42
91
86
89
2
1
2
(a)
1
1
(a)
1
5
79
21
97
38
62
82
86
14
97
39
61
84
76
85
24
14
96
98
33
45
62
53
81
87
Co
90
40
93
99
33
48
67
51
87
87
4
83
67
77
17
33
19
98
94
96
53
23
38
47
77
57
SS
81
73
(a)
1
3
95
83
80
73
5
17
20
24
100
t18
97
97
113
61
38
30
37
39
61
67
95
89
84
83
88
76
12
24
99
95
52
52
48
48
90
93
67
70
95
33
30
5
97
94
100
17
35
5
83
65
95
73
85
57
81
18
97
45
54
87
1
(a)
a Less than one-half of 1%.
Payroll Totals (November 1915 to At gust 1926).
Month,
1915. 1916. 1917. 1018. 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926.
January ------52.1
February -----57.8
March__ ____ 80.0
April _____ ____ 59.7
May _____ ____ 62.1
June _____ ____ 62.5
July ______ ____ 58.7
August-------60.9
September ____ 92.9
October__ ____ 65.5
November 53.8 69.2
December_ 56.0 71.0
69.8 79.6 104.2
70.5 79.8 95.0
73.6 88.2 95.4
69.4 88.8 94.5
75.8 94.5 96.7
76.1 94.3 100.2
73.1 97.5 102.5
73.0 105.3 105.3
74.4 106.6 111.6
82.2 110.3 105.5
87.4 104.1 111.3
87.8 111.2 121.5
126.6
124.6
133.0
130.6
135.7
138.0
l'4 .1
132.2
128.2
123.0
111.3
102.4
80.6
82.4
83.3
82.8
81.8
81.0
76.0
79.9
77.8
76.8
77.2
81.5
71.5 91.8
76.7 95.2
74.2 100.3
72.6 101.3
76.9 104.8
82.0 1114.7
74.1 9. .9
79.3 99.3
82.7 100.0
86.0 102.3
89.8 101.0
92.9 98.9
94.5
99.4
99.0
96.9
92.4
870
808
83.5
86.0
88.5
87.6
91.7
90.0
95.1
96.6
94.2
94.4
91.7
89.6
91.4
90.4
96.2
96.2
97.3
949
98.6
99.1
97.2
95.6
95.1
91.2
94.6
__....
Average .54.9 61.9 76.3 96.7 103.6 125.9 68.0 79.9 100.0 90.6 93.6 95.c.
•Average for 2 months. a
Average for 8 months.
Proportion of Time Worked and Force Employed in Manufacturing Industries
in August 1926.
Reports from 7,388 establishments in August show that 1%
were idle.
81% were operating on a full-time schedule, and 18% on a part-time
schedule;45% had a full normal force of employees and 54% were operating
with a reduced force.
Decrease in Wholesale Trade in New York Federal
Reserve District in August.
Total sales of leading wholesale dealers in the New York
Federal Reserve district were 8% smaller than in August
1925, due largely to continued heavy decreases reported in
sales of women's clothing. The year-to-year decreases
were very small in all other lines except jewelry, and in all
cases were smaller than in July. Sales of cotton jobbers,
although still below the level of last year, were in the largest
volume for any month since last October. The Federal
Reserve Agent at New York in thus summarizing wholesale
trade in the Oct. 1 "Monthly Review of Credit and Business
Conditions," adds:
Increases over last year were reported In seven out of fifteen reporting
lines, and in the cases of silk goods, diamonds, stationery and shoes the
August sales were the largest for that month in the last five years. Th
e
1690
THE CHRONICLE
Increases in sales of drugs and machine tools were the largest for any month
since last spring.
Stocks of silk goods at the end of August showed the smallest year-toyear increase in more than a year, while in cotton goods stocks the first
increase in over a year and a half was reported. Hardware stocks were
smaller than a year ago for the first time this year.
Following decreases in sales in most recent months, collections averaged
5% smaller than in August 1925, the largest decrease reported this year.
Outstanding accounts at the end of the month also showed a larger yearto-year decline than in any other month this year.
Percentage Chanpe
Percentage Change
August 1926 from
August 1926from August 1925.
July 1926.
Stock
Stock
Accounts
Net
Net
End of
End of
Collet- RecetvCommoditySales.
Month. Sales.
Month. lions.
able.
Groceries
-7.4
+3.9
-0.5
+3.7
-2.6
+2.4
Men's clothing
-2.2
+96.3
+0.2
+5.2
Women's dresses
+120.3
-28.2
_
-7.8
-2.7
Women's coats and dresses+137.1
____ -66.5
__ -__ -43.6 -52.9
Cotton goodsJobbers
+16.2
+6.6
+0.9 -11.0 -11.2
Commission
+13.2
-0.5
Silk goods
+13.9 •-5.7
+3.1 *+3.2
+3.6 +iii.ti
Shoes
+26.4
+1.8
+6.5 -26.2
+5.7
-0.5
Drugs
+4.3
+7.9 +12.9
-4.2
+2.8 +13.2
Hardware
-3.3
-1.2
-0.2
-0.2
+2.2
+2.8
Machine tools
-18.2
____
+8.9
------Stationery
-3.1
____
+6.5
Paper
+4.7
+3.7
--9.0 --1-0-.5
Diamonds
- I +5.81 -I:877 +9.9 +11.2
+0.3.5
+31.11
Jewelry
1-11.61
+33.71
Weighted average
+43.3
-5.4
-3.3
[VOL. 123.
in four months. Sales of candy chains were smaller than
last year for the first time since February. Only in the cases
of grocery and variety chains," says the "Review," "were
the sales sufficiently large to show increases in sales per
store. In drug chains the number of stores operated has
increased greatly during the past year, and sales per store
showed the largest decrease in more than two years." The
following are the comparisons with a year ago:
Type of StoreVariety
Grocery
Drug
Tobacco
Ten cent
Shoe
Candy
Total
Percentage Change Aug.1926from Aug.1925.
Number of
Sales per
Stores.
Store.
Sales.
+16.9
+4.8
+22.5
+11.8
+21.4
+8.6
+27.6
+18.1
-7.5
+8.4
-2.1
+6.2
+6.3
-1.6
+4.6
+13.8
-9.2
+3.3
+14.0
-17.3
-5.6
+11.4
+15.3
+3.4
Improvement Shown in Business Conditions in Boston
Federal Reserve District Since Summer.
Business conditions in New England have improved since
summer, and the current rate of activity is almost equal
to the average maintained during the past few years, it is
• Quantity, not value.
learned from the Oct 1 "Monthly Review" of industrial and
business conditions in the New England District issued by
Department Store Sales in New York Federal Reserve the Federal Reserve Bank of Boston. The Bank states that
the New England Business Activity Index for August was
District Larger in August This Year Than
higher than in July, but below that for August last year,
Last Year.
The situation in the retail trade in the Federal Reserve and adds:
New England cotton mills consumed more cotton during August than in
District of New York is indicated as follows in the Oct. 1 July,
the first month in which an increase has been reported since last
"Monthly Review of Credit and Business Conditions" of March. The rate of activity, however,is still less than a year ago. Activin
the New England woolen mills has been improving since May, and
ity
the local Federal Reserve Bank:
Department store sales in this district during August were 10% larger
than in August last year, due partly to an additional selling day in New
York and vicinity and an additional half day in up-State cities. This
bank's index of sales, in which allowance is made for the number of selling
days as well as seasonal variations, price changes and year-to-year growth,
increased to 108% of the estimated normal, compared with 100% in July
and 103% a year ago. In New York, Buffalo and the Albany district
the increases in sales were the largest reported since last October. Apparel
store sales increased 13% and mail order sales 11% compared with August
1925.
The increase in stocks on hand at the end of the month was small compared with the 10% increase in sales, so that the rate of turnover for the
month was much higher than a year ago, and the cumulative rate of turnover since the first of the year was higher than in 1925 for the first time
this year.
Following increased sales in recent months, collections on both charge
and installment accounts were over 9% larger than last year. Charge
accounts outstanding at the end of the month showed about the same increase as at the end of July, and outstanding installment accounts were
larger than last year in all reporting cities except New York.
Percentage Change, Aug. 1926 from Aug. 1925.
Stock on
Accounts
Net
Hand End
CollecMeetsLocalitySales.
of Month.
HAW.*
able.*
+11.2
New York
+1.8
+8.0
+15.5
Buffalo
+6.2
-0.7
Rochester
es
+8.9
+3.0
+
+22:9
+
+20
Syracuse
-12.2
Newark
,_ +11.2
+10.7
+We
-F-1-8:7
7
+8.6
+6.9
Bridgeport
Elsewhere
+4.3
+3.8
2r5:1
-i--7:03
Northern New York State
-3.8
_
Central New York State
+4.1
Southern New York State
-1.8
_
Hudson River Valley District
+5.6
Capital district
+7.1
--Westchester district
+19.8
;.2-.4
All department stores
+9.8
.-rs:, i
+-1:1-.8
+13.4
Apparel stores
+5.3
Mall order houses
+10.7
• Exclusive of installment accounts.
The following table shows a comparison of August sales and stocks in
various departments with those of a year ago:
Net Sales
Stock on Hand
Percentage Change Percentage Change
Aug. 1928 from
Aug.31 1928from
August 1925.
Aug. 31 1925.
Linens and handkerchiefs
+28.2
+1.3
Cotton goods
+23.4
-20.3
Books and stationery
+23.4
+3.0
Men's and boys' wear
+23.0
+3.8
Hosiery
+22.7
-3.5
+20.8
Shoes
-3.7
Furniture
+20.6
+11.9
Women's and misses' ready-to-wear
+15.8
-10.9
+13.3
Men'sfurnishings
-0.5
+12.6
Luggage and other leather goods
+10.0
+12.5
Toilet articles and drugs
+6.8
+12.3
Women's ready-to-wear accessories
-9.6
+9.7
Home furnishings
+5.4
Silks and velvets
+8.3
-4.5
+7.4
Toys and sporting goods
+0.8
Silverwear and Jewelry
+6.0
+4.3
Woolen goods
-16.6
-32.8
Musical instruments and radio
-18.5
-14.4
Miscellaneous
-2.6
-12.1
The average sales check was $2 80 in August compared with $2 72 a
year ago.
Gains in Chain Store Sales in Federal Reserve District
of New York as Compared with Year Ago.
According to the Oct. 1 "Monthly Review of Credit and
Business Conditions" of the Federal Reserve Bank of New
York, "August sales of reporting chain store systems were
15% larger than last year, but the gains in all lines were
smaller than those reported in July, and in variety, tencent and tobacco systems the increases were the smallest
operations have been on a higher scale than either one or two years ago.
Shoe factories have increased their scale of operations considerably since
spring in anticipation of the usual heavy seasonal shipments and current
output is slightly larger than a year ago. There was an improvement in
the paper industry of this district during midsummer, but it was not sustained in the past few weeks. Conditions in the metal trades are rather
irregular, with a tendency toward improvement in Connecticut factories,
but a decline in Massachusetts. The number of workers employed in 984
representative factories in Massachusetts increased to a marked degree in
August, following an even sharper decline in July. The percentage of
workers on full-time schedules increased, and is practically equal to the
proportion on full time in August last year. The amount of earnings of
workers also increased in August. When a comparison is made with conditions last winter, however, the number employed and total earnings are
both lower than they were at that time. The value of contracts awarded for
new construction in New England during August was larger than in any
previous month this year, with the exception of May, but was somewhat
less than in August last year. Distribution of merchandise through New
England retail stores has been unusually large in the past two months for
this season of the year. Sales during August were the largest on record
for the month, with one exception. Sales of the Boston department stores
during each week, beginning with the last week in July and continuing
through the third week in September, the latest period for which data are.
available, were larger than in the corresponding weeks a year ago. Commodity prices held fairly firm during the latter part of August and September, following a decline which has lasted, with minor interruptions, for
approximately a year. Money rates were firm during September,following
the rise which began late last spring. Prevailing rates are on the whole at
the highest point reached thus far this year, following a firming tendency
usual in early fall.
Franklin Fourth Street National Bank of Philadelphia
Finds Trade Confidence Now More Firmly Established Than in Many Months.
The business forecast given by the Franklin Fourth Street
National Bank of Philadelphia in its October letter, 'Trade
Trends," states that "the stimulation of early fall has
emphasized the prevailing prosperity of general business.
Trade has been good throughout the year and it is good
now. Industry is active, agricultural conditions are reasonably favorable, and employment and purchasing power are
high. The result is that trade confidence is more firmly
established than at any time in a good many months." Con,.
tinuing the review states:
Business records covering the summer, now available, confirm previous
indications that the period was one of extraordinary activities. During
August, there were sharp gains for automobile sales, the textile trades,
retail trade, building construction and for steel production. The existing
prosperity period has been sustained by activities and increasing profits in
such great key lines as steel and building. During August the production
of steel ingots increased by 15% over July and 20% over August 1925.
Building construction also was 15% greater in August than it was in July.
It is now clear that a number of new industrial records will be marked
up in 1926. This is certain for steel output which promises definitely to
eclipse the groat peak established in 1925. Not only have industrial
activities been good but profits have shown an upward tendency this year
in many lines. The railroads are enjoying unmatched prosperity and the
net earnings of nearly 200 industrial and utility companies during the first
half of the year exceeded those for the first half of 1925 by nearly 20%.
The greater part of the increase came during the first three months of the
year but the result of the entire year promises to be one of the most profitable in all the history of American industry.
Business has been reasonably profitable despite falling prices and keen
competition, largely because of increased production and efficiency. In
keeping with the stronger tone of trade and with the big movements of
crops, money rates have begun to stiffen. However, credit resources are
vast and there is no indication that credit will become a retarding factor for
industry. Although the year has been one of exceptional prosperity it has
THE CHRONICLE
OCT. 2 1926.]
not been accompanied by the usual phenomenon of rising prices which is
customary for such periods. However, the tendency of industrial prices
recently has been toward greater firmness and Bradstreet's Index for
Sept. 1 showed a slight gain for the first time in eight months.
Business failures in August also were smaller.
Industrial Employment Conditions in Federal Reserve
District of Chicago.
Reports from industrial plants in the Federal Reserve
District of Chicago for August indicate that while there
has been considerable readjustment in various industries in
volume of employment, the aggregate remains practically
the same as a month earlier, according to the Oct. 1 "Business
Conditions Report" of the Federal Reserve Bank of Chicago,
which also has the following to say:
Increases in metals and metal products, chemicals, and rubber products
were balanced by corresponding decreases for vehicles, food and leather
products. Tanning as well as the manufacture of boots and shoes showed
an upward trend, but recessions in various other leather products resulted
in an aggregate decline for the group. Gains and losses under building
materials practically offset one another. Additional employment in the
manufacture of machinery, electrical apparatus, and agricultural implements contributed to the 1% increase in the metals and metal products
group, the first gain in five months.
The apparent increase in payrolls over July reflects a return to normal
business after the usual seasonal vacation and inventory period, rather than
an expansion in industrial activity. Exceptions are the gains in textiles
and in leather products, where there were no corresponding losses the
month before. The heavy decline noted in the vehicles group for July
continued during August.
The volume of employment outside of factories also remained fairly
constant. Thus, while distributive industries, retail and wholesale, showed
some recession, public utilities and coal mining reported increases, and
building activity continued undiminished. The ratio of applicants to
positions at the Illinois free employment offices declined from 139% to
131, while for Indiana the ratio was 33% as against 92 the previous month.
EMPLOYMENT AND EARNINGS SEVENTH FEDERAL RESERVE
DISTRICT.
Industrial Group.
No. of Wage Earners.
Total Earnings,
Week Ended.
Week Ended.
Aug.15 July 15 Per Cl. Aug. 15
1926. 1926. Change. 1926.
All groups (10)
371,198 371,649
Metals & metal products
(other than vehicles)
148,821 147,297
Vehicles
38,023 39,471
Textiles & textile products_ 26,417 26,570
Food & related products
50,720 51,768
Stone, clay & glass products 14,474 14,714
Lumber & its products
32,018 31,618
Chemical products
10,626 10,195
Leather products
17,238 17,560
Rubber products
3,200 3,068
Paper and printing
29,661 29,388
July 15 Per Ct.
1926. Change.
-0.1 $9,665,431 $9,398,949
+2.8
+1.0 3,627,539 3,430,571 +5.7
-3.7 1,115,470 1,174,669 -5.0
669,502 6 13,877 +9.1
-0.6
-2.0 1,339,895 1,377,088 -2.7
432,788 421,428 +2.7
-1.6
+1.3
784,776
719,348 +9.1
+4.2 281,376
264,985 +6.2
393,157 +2.3
-1.8 402,080
+4.3
82,933
74,294 +11.6
+0.9 929,072 929,532 - 0.0
Merchandising Conditions in Chicago Federal Reserve
District-Gains in Wholesale and Retail SalesThe Federal Reserve Bank of Chicago under date of Oct. 1
furnishes the following summary of merchandising conditions
in the district:
Wholesale Trade.
Reporting shoe dealers in this district, and with three exceptions dry goods
houses, sold a larger volume during August than in July, the sales index of
the latter reaching a high point for 1926, and of the former within 10.0%
of the March peak. In the hardware and grocery groups, two-thirds of the
firms registered declines from July, averaging, however, nominal decreases
as compared with more marked reductions last year. In drugs the declines
by all but one dealer reflect the first July-August drop in the six years
(since 1921) of the index series. In comparison with August 1925, half the
grocery group and the majority of drug, dry goods and hardware firms indicated smaller trade this year; in shoe sales gains by six dealers were offset
by three declines.
Collection comparisons show declines from July for all groups and for all
except groceries from a year ago. The volume of outstandings advanced
during the month for 46 firms and declined for 30, group increases ranging
from 0.2% in drugs to 14.1% in shoes; hardware accounts aggregated the
same as last year, grocery 3.5% higher and the others lower.
Stocks held by shoe dealers at the end of August equaled July 31 totals,
were 5.0% higher for grocery firms, and showed declined of 2% in hardware
and drugs and 3% in dry goods. All except one dealer in the last-named
group and the majority of hardware firms were inventoried lower than a year
ago, while two-thirds of the grocery and half the drug firms were carrying
heavier stocks this year.
Department Store Trade
Over half the department stores reporting August sales to this bank registered declines from July, and nearly as many showed decreases from a year
ago; the total group, however, averaged a gain of 6.3% in the former comparison and 6.9 in the latter. Cumulative sales since Jan. 1 are larger than
for the corresponding eight months of 1925 for 48 and smaller for 33 stores.
and aggregate 7.5% higher.
With four exceptions August collections fell below the July receipts,
65stores averaging a drop of 16.4%;accounts outstanding for the same group
nevertheless totaled practically the same on Aug. 31 as at the beginning
of the month. In comparison with collections a year ago, 41 increases and
20 declines averaged a gain of 8.7%, while their ratio of 35.0% to receivables on the books July 31 compares with 36.5% last year.
Three-fourths of the firms made net additions to their stocks during
August, inventories for 62 at the end of the month averaging 11.6% higher
than on July 31; outstanding orders in the same comparison advanced from
10.0% of 1925 purchases to 11.3%. The gain of 3.7% over Aug. 31 1925
reflects pronounced increases in one of the large cities, as three-fifths of the
firms Were inventoried lower.
Retail Furniture Trade.
For 41 retail dealers in this district, sales of furniture, furnishings and
equipment during August approximated the same aggregate volume as a
year ago, while installment sales reported by 18 fell off 8.2%. Gains over
1691
July amounted to 0.3% for installment sales at 15 houses,and 9.1% for total
sales at 37. Total collections gained 6.6% over July for 13 stores and receipts on installment accounts for 8 firms 0.3%; declines from last year
amounted to 1.3% in the former comparison, and 2.4% in the latter. Accounts on the books of 14 firms on Aug. 3'1 were 1.8% higher than on July
31 or a year ago. General reductions in stocks during August were offset
by marked increases at a fqw stores, raising the total held on Aug. 31 by
23 to 7.2% above the July 31 inventories, and 5.4% over a year ago.
Retail Shoe Trade.
The dollar volume of shoes sold during August by 44 reporting retailers
in this district was within 4.3% of the July sales, 20 dealers registering gains
and 24 declines. The increase of 7.0% over August 1925 for 41 dealers refleets individual gains for about half. Aggregate stotzs held at 34 stores
on Aug. 31 were 7.7% higher than at the close of July, only 5 firms making
net reductions during the month. Accounts outstanding for 19 firms on
Aug. 31 amounted to 82.9% of the months's sales, compared with 82.0,
the corresponding July ratio. August collections were smaller than those of
the preceding month.
Business Activity in San Francisco Federal Reserve
District at High Levels During August.
General business activity in the Twelfth (San Francisco)
Federal Reserve District continued at high levels during
August, although seasonally corrected figures of bank debits,
a measure of total trade volume, declined slightly during
the month. Thus reports Isaac B. Newton, Chairman of
the Board and Federal Reserve Agent of the Federal Reserve
Bank of San Francisco, in his survey of monthly business
conditions, issued under date of Sept. 20. Continuing,
he says:
Productive activity increased seasonally and in most industries was
above the levels of a year ago. Adequate supplies of credit here continued
available at moderate rates of interest. With the approach of the peak of
the harvest season, demands for funds for crop moving and other agricultural purposes were evidenced in an increase of loans reported by member
banks, and, in some sections, in an increase in discounts at the Federal
Reserve Bank.
Production.-Preliminary harvesting returns indicate that agricultural
production of the district will approximate or slightly exceed the 1925
output. The general level of prices for farm products was relatively stable
during August, as was the level of prices for non-agricultural commodities.
The relationship between the two price levels indicated that the purchasing
power of farm products was about 11% less than one year ago.
Building construction continued active during August. Value of building
permits issued in 20 principal cities of the district again declined, however,
both as compared with the previous month and with the same month a
year ago. A decrease of 8.4% in the value of permits issued during August
as compared with July 1926, compares with an average increase of 14.4%
from July to August during the seven years, 1919-1925, inclusive. In
comparison with August 1925 there was a decrease of 12.3% in the number
of permits and 18.2% in the estimated cost of construction involved. The
cumulative Figures of permits issued during the year-to-date show a decline
of 12.1% in number and 13.5% in value for 1926 as compared with 1925.
Activity in the lumber industry of the district was greater during August
than during July and continued at higher levels than a year ago. Lumber
production of mills reporting to four associations exceeded shipments and
new orders received by 3.2% and 9.1%, respectively, and was 92% larger
than production during July. The volume of new orders received was
less than shipments, and unfilled orders at the close of the month were
less than at its beginning.
Average daily production of petroleum in California was slightly greater
than during July, but was smaller in volume than in August 1925. Indicated consumption was greater than production during the month. Stored
stocks continued the decline which began in June, and at the end of August
1926 were slightly smaller than one year ago.
Milling companies in the Twelfth District reported a decrease in production and an increase in stocks of flour during August, both movements
being- contrary to the experience of the five years 1921 to 1925. Stocks
of wheat held by reporting millers were increased by more than 50%,and,
at the end of the month, exceeded the five-year average end-of-August
figure by about the same amount.
The peak of the 1926 fruit canning season in the Twelfth District was
reached during the past month. Commercial factors estimate that the
total canned fruit pack will exceed that of a year ago (20,206,276 cases in
the principal producing States). Canned fruit markets have been active
and prices have been relatively stable during the present marketing season.
Fruit drying operations for the year are now drawing to a close with the
drying and delivery to packing houses of prune and raisin crops. The
amount of fruit dried or to be dried has not yet been officially estimated
The market during recent weeks has been moderately active.
Trade.-The value of sales at 66 reporting retail-stores in this district was
seasonally larger during August than during July and exceeded the reported
value of sales for August 1925 by 6.3%. Total sales were 4.2% greater in
value during the eight months ended Aug. 31 than during the same period
in 1925. Total stocks on hand at reporting stores were increased 3.9%
during August, but at the end of the month were 0.2% smaller in value
than one year ago. During each of the past six months, including August,
the value of total sales reported by 32 department stores whose figures are
included in this bank's index of department store sales has been greater
than in the same month of any previous year during the period in which
the record has been kept, 1919 to date. During the past month the increase was less than is usual during August, however, and the index, when
corrected for seasonal fluctuations, declined to 216 from a July figure
of 233 (191100).
Wholesale trade has been more active than one year ago, and the total
value of sales reported to this bank by 163 firms in eleven lines of business
was 3.2% larger in August 1926 than in August 1925. Seven of eleven
reporting lines showed increases over the year period. General wholesale
prices continued to decline and averaged approximately 7% lower than a
year ago.
Credit.-City member banks reported that their total loans and investments, which had declined during June and July, advanced in August to
levels approximating the high point of Mdy ($1,680,000.000). By midSeptember, the peak of the harvest season, their total loans and investments had advanced to a new all-time high of over $1,691,000,000. Commercial loans of these banks were nearly constant in volume during the midsummer months, but rose from $899,000,000 on Aug. 4 to $924,000,000 on
Sept. 15, the latter figure approximating the 1925 pre-Christmas peak.
Loans made on securities as collateral stood at $295.000,000 on Sept. 15.
1692
THE CHRONICLE
compared with the May 12 figure of $297.000.000 Total deposits, which
have fluctuated but little during the past few months, were slightly larger
on Sept. 15 than in May.
Total earning assets of the Federal Reserve Bank of San Francisco declined from May to June, recovered to the May level during July and Auggust, advanced sharply during the first week in September, and then
decreased, so that by mid-September the total of bills and securities held
was approximately equal in volume to May holdings. Federal Reserve
note circulation has been at higher levels during the past summer than
during the spring months of 1926. reflecting increased currency demands
on the part of member banks. On Sept. 15 the volume of Federal Reserve
notes In circulation was 7% less than one year ago.
Increased Activity in Business Conditions at Beginning
of September Reported by Federal Reserve Bank
of Kansas City.
With reference to business conditions in its district, the
Federal Reserve Bank of Kansas City has the following to
say in its "Monthly Review" dated Oct. 1:
[VoL. 123.
"Help
Wanted" and "Situations Wanted" Advertising in Minneapolis and St. Paul Newspapers.
Statistics bearing one "help wanted" and "situations
wanted" in the Twin cities, are presented by the Federal
Reserve Bank of Minneapolis in its "Monthly Riview" of
Agricultural and Business Conditions issued under date of
September 28. We give herewith what the bank has to say
in the matter, omitting of course the charts referred to
therein.
Beginning with January. 1919, this office collected monthly data covering
the number of "help wanted" and "situations wanted" advertisements in
one important Minneapolis newspaper. The figures in both of these
classifications were subdivided into male and female groups. Beginning
with October. 1923, similar figures were secured from another large Minneapolis newspaper. Beginning with May, 1924, the largest newspaper in
St. Paul began to compile and report similar figures. The St. Paul paper
does not separate male and female "situations wanted." On page 5 of this
"Review," a graphic chart is presented showing the fluctuations in employment advertising in the Minneapolis newspaper for which we have the
longest series of figures and for the St. Paul newspaper throughout the
length of their reporting periods. These curves are presented in the form of
percentages of the average month in 1925. This base year was chosen with
no other consideration than that it was the only year for which complete
records were available for all these series of figures.
The Minneapolis newspaper, whose figures cover a shorter period, reported fluctuations in employment advertising so similar to those shown in
the chart on page 5 that it was not thought essential to present curves for
this paper at this time. At a later date a combination will be made of the
figures reported by the two Minneapolis newspapers for the sake of greater
completeness of the data.
Several peculiarities in the data should be noted, as follows: 1. The
Minneapolis newspaper, whose records are available since 1919, Includes
"agents and solicitors wanted" in its "help wanted" classification. The
St. Paul newspaper and the other Minneapolis newspaper do not include
"agents and solicitors" in their "help wanted" totals.
2. The "situations wanted" advertising varies in both cities from ads
placed by persons out of employment to "business cards" of trades people,
such as teamsters, carpenters, paper hangers, laundresses and seamstresses.
This latter class of advertising is more related to the display advertising of
stores than it is to employment conditions, for these cards or notices appear
every day, regardless of whether or not the tradesman is fully employed.
The St. Paul newspaper commenced on Sept. 1 1925 to encourage the greater
use of Its "situations wanted" columns for some classes of business cards,
such as those of seamstresses and laundresses, by reducing Its charges from
70c.for two lines of type to 25c. for three lines of type. The result has been
a great increase in the use of this medium of advertising, as shown in the
"situations wanted" curbe for St. Paul on page 5.
3. The variation in volume of employment advertising between week days
and Sundays is very pronounced, and consequently some of the fluctuations
in employment advertising are accounted for by some months containing
five Sundays and others containing four Sundays. During the seven years,
1919-1925 there were 29 months containing five Sundays and 55 months
containing four Sundays. The months containing five Sundays have
been starred in the chart on page 5.
As an illustration of the effect of a fifth Sunday on the volume of employment advertising, the figures for the month of August 1926 for one Minneapolis newspaper have been analyzed. The table below shows the average
daily volume of Sunday advertising and of week-day advertising in the four
classes of employment advertising. It Is also shown that the increases due
to the fifth Sunday ranged from 3.6% to 6.5% during this particular month.
The volume of business in the Tenth District during August, although
receding slightly from the year's high peak attained in July, compared
favorably with that in the earlier spring and summer months and was
considerably above that for August of last year. General conditions Improved substantially in the latter part of the month and at the opening of
September there was increased activity in most lines of industry, trade and
banking.
The September crop reports reflected a further reduction in corn prospects
but gave promise of fair to very good yields of other crops, an abundant
supply of feed for live stock, and excellent fall pasturage.
Movements of new wheat into market channels, which assumed high
record proportions in July,subsided during August, but the.month's receipts
at primary markets in this district was 80.6% above receipts in August last
year.
With plentiful supplies of excellent milling wheat available, millers of the
Southwest in August produced the largest monthly output of flour in the
history of the industry.
The market supply of live stock, all classes combined, was the heaviest
for any month of the year. Receipts of hogs and sheep were larger than in
August last year, but receipts of cattle and calves were smaller. Hog prices
were firmer and the average for the month at Kansas City was $12 07 per
hundred pounds. Prices of lambs and fat sheep showed continued strength.
Cattle prices improved late in August and by Sept. 15 all classes had moved
to higher levels, with more Inquiries for breeding stock for building up herds
on farms and ranges and the industry in stronger position than for several
months.
Meat packing operations as a whole were the largest of the year. The
slaughter of hogs and sheep was larger and the slaughter of cattle and calves
smaller than in the corresponding month last year.
.
Production and shipment of zinc and lead ore continued at the high level
of the year and there was increased activity In soft coal production. The
daily average flow of crude oil was maintained at a high figure, but slightly
below a year ago.
Building operations in leading cities increased and the value of permits
granted In August was the largest for any month of the year, except March.
The value of building contracts awarded during the month Iso was the
largest of the year.
Trade conditions, though somewhat spotted in the early weeks, improved
late in the month and the outlook was favorable for a heavy volume of both
wholesale and retail trade during the fall and early winter.
Employment conditions generally were satisfactory in all sections, and
with industrial operations continuing at a high rate of activity, a busy fall Sunday and Week-day Employment Advertising in a Minneapolis Newspaper
and early winter season was assured. About the usual number of men
During August 1926.
returned from the harvest fields were seeking employment in the cities. ,
Increase in
Average Daily Average Daily Number of Ads
Banking and Credit.
Number of
On Account of
Number of
Sunday Ads. Week-day Ads. the Fifth Sunday.
The banking and credit situation in this district exhibited but slight "Help wanted" male
"Help wanted"
change during August and early September, from the earlier summer
Male
5.0%
48
135
Female
months. Loans and discounts of sixty-seven reporting member banks on
44
102
a.6%
Sept. 1 were 0.9% below the total reported four weeks earlier and were "Situations wanted"
Male
12
4.1%
30
1.6% below the total at the first reporting date in September 1925. InvestFemale
41
11
6.5%
ments also declined during August and on Sept. 1 the total was 0.4%
As indexes of business conditions these series of figures are Improved very
smaller than four weeks earlier, but 10.2% larger than on Sept. 2 1925. materially
if seasonal changes are eliminated. For the Minneapolis newsDemand deposits rose to 8519.868,000 on Aug. 25, the largest amount of paper whose figures are available
since 1919, seasonal relatives have been
record for these reporting banks, but a decline in the following week brought computed and are shown In the accompanying table.
the total to $514,512,000 on Sept. 1, which was 0.1% larger than on Aug. 4
and 1.6% larger than a year earlier. Time deposits continued the steady Seasonal Relatives for Employment Advertising in a Minneapolis Newspaper,
Increase recorded for the summer months and at the first reporting date in
Help Wanted--Situations Wanted.
Female.
Male,
Male.
Female.
September were the largest since March 31 of this year and 6.5% larger
January
67
90
79
101
than on Sept. 2 1925.
February
59
79
87
91
March
115
109
97
103
STATISTICAL RECORD TENTH FEDERAL RESERVE DISTRICT.
121
130
118
April
90
120
101
132
May
Returns for August compared with those for July 1926 and August 1925,
92
June
116
111
105
96
August
Juts
August
% Clive July
102
105
94
89
1926.
1926.
1925.
Year. August
117
122
98
111
Bank debits, 30 cities
SI.306.416 000 $1,419 005 000 $1 210,210.000 +7.9 September
153
116
95
114
Clearings, F. R. Bank
31.003.207.000 $1,055,757.000 $872,265,000 +15.0 October
109
99
108
124
Items handled
5,734.274
5,971.298
6,420,049 +5.8 November
70
79
98
117
97
Business failures
112
127 -23.6 December
61
66
74
72
Liabilities
$1.784.080
$1,107.829
$1,610.394 +10.8
Curves of percentages which individual months'totals are of these seasons
Building permits. 18 cities
2.428
2.337
3,125 -22.3
89.731,723
Value
$7,747,150
89,155,212 +6.3 relatives, centered around the average month in 1925 as a base period,
Grain receipts. 5 markets:
are shown on this page. These curves, showing changes in employment
31,787.450
64,028,500
Wheat. bushels
17,604.650 +80.6 advertising In Minneapolis, other than purely
seasonal changes, give a
3,530.150
3,198.250
Corn, bushels
3.185.950 +10.8
2,447.500
1,055.500
Oath. bushels
8.879400 -72.4 good picture of changes in the employment market. The abnormal years,
2.777.299
Flour production, bbls
2,481.363
1,823.104 +52.3 1919-1920, have not been included in these adjusted charts because the
Crude oil production, bbls20,484 000
21,072.000
21,234.000 -3.5 violent fluctuations in these years would dwarf the more moderate changes
Coal production. tons
2,184,000
1,973.000
2,289,000 -4.6
which have occurred In more recent years and which will probably appear In
Ore shipments, 3 States:
Zinc, tons
85.496
73.409
77,745 +10.0 the future, unless another great economic upheaval takes place. From
Zinc, value
83,617.678
$4,258,426
$4,154.792 +2.5 the "help wanted" advertising curves, in particular, it may be clearly seen
Lead. tons
11.566
13.032
12.787 +1.9
expanded during the active period In 1922-1923
Lead, value
81.179.022
81,466.096
81,609.070 -8.5 that the market for labor
Live stock receipts,6 markets:
and In 1924-1926. At the present time the labor market is evidently very
Cattle
377.353
481,998
570,158 -15.4 dull. The up-turn in August 1926. is almost entirely accounted for by the
Calves
65.637
103.827
121.807 -14.8 fact that August had five Sundays.
Hogs
608.167
600,980
544.908 +103
Advertisements for male help wanted and male situations wanted reflect
463.760
Sheet)
721,205
659,990 +9.3
4,758
Horses and mules
10.177
11,725 -13.2 changes in the industrial and commercial employment situation much
Meat packing. 6 central:
better than advertisements for female help wanted and female situations
237.838
Cattle
263.531
289.174 -8.9 wanted because the proportion of advertising for industrial
and conunercial
Calves
58.444
90.993 -24.4
68.823
473,030
Hogs
423.406
382.521 +10.7 needs Is much greater In these former two series. To give a general Illus304.236
Sheep
371,818
289,392 +28.5 tration of this fact the advertisements were counted for three typical days
Note.-Bank debits are for four-week periods ending Sept. 1 and Aug. 4 1926 and in Sept. 1926, including one Sunday and two week-days. The proportions
Sept 2 1925. Zinc and lead ore shipments and values are for five-week periods of advertisements in the "stores and offices, professions and trades and
executives and managers" groups were as follows:
ending Sept. 4 and July 311926, and Sept. 5 1925.
OCT. 2 1929.]
THE CHRONICLE
Male help wanted
43%
Male situations wanted
77%
Female help wanted
26%
Female situations wanted
32%
The actual number of ads in each sub-classification is given in the following table:
Classification of Employment Advertising in a Minneapolis Newspaper on
Three Typical Days in Sept. 1926.
Help
Situations
MaleWanted.
Wanted.
Miscellaneous
40
11
Stores and Offices
84
24
trades
Professions and
41
39
Salesmen and solicitors
103
7
Executives and managers
2
2
Help wanted with investment
9
-_
Farm and garden help
1
Teamsters, drivers, chauffeurs
7
-i
Hotels and restaurants
8
L.":
Total
295
84
FemaleMiscellaneous
19
10
Saleswomen and solicitors
11
Stores and offices
44
§i
Professions and trades
18
4
Housekeepers and caretakers
8
8
Household and domestic
121
5
Teachers wanted
1
-Hotels and restaurants
4
Nurses and governesses
11
Dressmakers
8
Laundresses
15
Total
237
78
New High Record in Loading of Railroad Revenue
Freight.
The largest number of cars in the history of the railroads
was loaded with revenue freight during the week ended on
September 18, the Car Service Division of the American
Railway Association announces. The total for the week was
1,187,011 cars, the largest number loaded for any one week
ever reported. The total for the week of September 18
exceeded by 35,665 cars the previous record established the
week ended on September 4 when 1,151,346 cars were loaded.
It also was an increase of 62,573 cars over the highest week
in 1925, which was the week ended on August 29, when
1,124,438 cars were loaded. The 1925 record week, has
been excelled three times so far this year.
Loading of revenue freight has been in excess of one million
cars a week in seventeen weeks so far this year. From
January 1 to September 18-a total of 38 weeks-cars loaded
with revenue freight totaled 38,068,949. For the first time
in the history of the railroads for any corresponding period,
this amounts to a weekly average in excess of one million
cars. The total for the first 38 weeks this year was an
increase of 1,297,030 cars over the corresponding period last
year and 3,454,960 cars over the corresponding period in
1924. The total for the week of September 18 was an increase
of 88,384 cars over the corresponding week last year and an
increase of 110,164 cars over the same week in 1924. It
also was an increase of 155,930 cars over the preceding week
this year when freight shipments were reduced somewhat
owing to the Labor Day holiday.
Automobile Prices and New Models.
Price cuts on Studebaker cars, effective Sept. 27, ranging
from $35 to $205, were announced Sept. 25 by A. R.Erskine,
President of the Studebaker Corporation of America.
Models affected and amount of reduction on each are: Big
Six Club Coupe, $205; Big Six Custom Brougham, $200;
Standard Six Sport Roadster, 80, and Standard Six Country
Club Coupe,$35.
In making the announcement, President Erskine pointed
out that the prices established in July on the custom sedans
were made in anticipation of an increased volume of sales.
The response has more than met expectations, for sales on
sedans since Aug. 1 1926 have been more than double the
best previous similar period. Compared with the same
period of 1925, sales have been four times greater. The $200
reduction on the Big Six Custom Brougham brings this car
down to $1,785, the lowest price ever placed on a big six
four-door enclosed car. According to President Erskine,
the cut in the price of this model, as with others reduced, is
made in order to give purchasers, immediately, the benefit
of economies which will result from increased production.
Studebaker models in the three lines offered by the company are now priced as follows:
Standard SixDuplex roadster
Duplex phaeton
Coach
Sport roadster
aountry club coupe'
Sedan (wool trim)
Custom victoria
Custom sedan
Special SixDuplex phaeton
Coach
Sport roadster
$1,160 Brougham
1 ,8 3 8
1,180 Big Six1,230 Club coupe(5-passenger)
1,250 Duplex roadster
530
1,295 Sport phaeton (The Sheriff)__$1
1,6
48
10
0
1,330 Sport roadster (4-passenger)
__ 1,680
1,335 Custom victoria
1.735
1,385 Custom brougham
1785
phaeton (778
15
0
_ 1,8
1.480 Brougham (127-in.passenger)
w.b.)____ 2,130
1.480 The President
2.245
1693
The Pierce-Arrow Motor Car Co. has introduced a new
model known as the "Series 36 Dual Valve Six" to succeed
"Series 33." Mechanically, the car represents, it is claimed,
the most modern engineering practice. Pierce-Arrow's
power plant, a six-cylinder 'engine capable of generating
approximately 100 horsepower, is found in improved form
in the "Series 36." Pierce-Arrow's four-wheel safety brakes
and six-ply balloon tires have been engineered into the car.
A booster brake device now enables the driver to stop the
car with surprisingly little pressure on the foot pedal.
Prices of the 12 body types range from $5,875 to ,000 at
Buffalo, plus Government tax.
The Peerless Motor Car Corp. on Sept. 29 announced the
introduction of a new model-a moderate priced car to sell
at a price between that of its popular price six-80 model
and the higher priced six-72 cars. The standard sedan of
the new model to be known as the six-90 will sell at $1,895.
The same sedan in the six-80 has a factory list price of $1,595,
while the six-72 five-passenger sedan lists at $2,395.
It is reported that the Chrysler Corp. will bring out new
models on its "70" line Oct. 9. It is understood a price
reduction of $30 on the roadster and $200 on the royal sedan
will be announced then.
Increase During August in Wholesale Deliveries of
Automobiles in Philadelphia Federal Reserve
District-Retail Sales Decline.
Retail sales of automobiles, as reported by 16 distributors
in the Philadelphia Federal Reserve District, were smaller in
August than in the month preceding, but wholesale deliveries of all classes of cars showed large increases both in
number and value. The seasonal quiet was also reflected
in smaller sales of used cars, but despite this decline in retail
business, the volume of deferred payment sales was considerably larger in August than in July. The Federal Reserve Bank of Philadelphia, in announcing this, says:
As compared with a year ago, aggregate sales of new cars at wholesale
were in much greater volume in August, although sales of the expensive
cars showed a decline. At retail, nearly 14% more cars were sold In
August 1926 than in the same month last year, but the aggregate dollar
volume in business was 9% smaller. This further evidences the fact
that the gains have occurred almost entirely in the low and medium priced
groups. Sales of used cars and retail sales on deferred payment were
also larger than in 1925.
AUTOMOBILE TRADE-PHILADELPHIA FEDERAL RESERVE DISTRICT
-SIXTEEN DISTRIBUTORS.
August 1926 Change from
-July 1926- -August 1925
-
Number.
Sales of new cars at wholesale
+42.0%
Cars selling under 51.000
+30.7
Cars selling from 51,000 to $2,000
+59.5
Cars selling over 52,000
+52.1
Sales of new ears at retail
-13.2
Cars selling under $1.000
-14.2
Cars selling from 51,000 to 52,000
-9.9
Cars selling over 112,000
0.0
Stocks of new cars
-12.1
Cars selling under 51.000
-14.9
Cars selling from $1,000 to $2,000
-14.6
Cars selling over $2,030
-4.9
Sales of used cars
-16.4
Stocks of used cars
Retail sales, on deferred payment _____ _ _ +13.5
Value.
Number.
Value.
+41.8% +35.8% +19.6%
+31.4
+23.1
+25.5
+90.0
+49.0
+49.9
+52.7
-20.7
-19.2
-11.7
-9.1
+13.8
-13.9
+180.0
+175.5
-8.2
+16.8
+15.1
-4.6
-22.8
-26.6
-10.1
-0.2
+8.4
-14.2
-16.6
-16.9
-14.4
+3.3
+0.5
-6.5
+25.6
+38.6
-12.1
+1.7
+17.4
+1.4
+15.6
-1.4
+45.8
+19.2
+16.4
Continued Increase in' Output and Sales of Electric
Power in Philadelphia Federal Reserve District.
Generated output and sales of electric power by 12 systems
in the Philadelphia Federal Reserve District were larger
in August than in July and considerably ahead of the totals
for August 1925, according to the Department of Statistics
and Research of the Federal Reserve Bank of Philadelphia,
which says:
Total sales were only 1.5% ahead of those of the previous month, but
the industrial expansion occurring in August was shown by a gain of nearly
5% in sales to industries. Sales of electricity for residential and commercial lighting as well as sales to street cars and railroads were smaller
than in the previous month. As compared with last year, nearly all
items showed large increases.
ELECTRIC POWER-PHILADELPHIA FEDERAL RESERVE DISTRICT12 SYSTEMS.
Change
Change
from
from
July
August
August 1926.
1926.
1925.
Rated generator capacity
1,296,000 k.w.
0.0% +17.5%
366.478.000 k.w.h.
Generated output
+3.8% +15.9
9,355.000 k.w.h. +82.1
Hydro-electric
+106.9
312,444.000 k.w.h.
Steam
+1.7
+13.5
44,639.000 k.w.h.
Purchased
+22.8
+9.6
289,521.0110 k.w.h.
Sales of electricity
+15.1
+1.5
44,790.000 k.w.h.
Lighting
+18.2
+3.8
6,398,000 k.w.h.
Municipal
+11.8
+9.6
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
38,392 000 k w.h.
212.447 000 k w.h.
1.792.000 k.w.h.
41,138.000 k.w.h.
169,517,000 k.w.h.
32,284,000 k.w.h.
+19.0
+2.8
+0.8
-4.2
+4.7
+0.6
+111
+24.6
-0.8
+15.4
+35.6
Increase in Newsprint Production in August.
The August production of paper in the United States as
reported by identical mills to the American Paper er Pulp
[VoL.128.
THE CHRONICLE
1694
Association and co-operating organizations, showed an increase of 5% as compared with July's production (following
a 5% decrease in July below June), according to the Association's "Monthly Statistical Summary of Pulp and Paper
Industry," made public Sept. 30. All grades disclose an
increase in production as compared with July, with three
exceptions. The "Summary" is prepared by the American
Paper & Pulp Association as the central organization of the
paper industry, in co-operation with the Binders Board
Manufacturers Association, Converting Paper Mills Association, Cover Paper Association, Newsprint Service Bureau,
Wrapping Paper Manufacturers Service Bureau, Writing
Paper Manufacturers Association and Paperboard Industries
Association. The figures for August for same .mills as
reported in July are:
NumStorks on
her of Production. Shipments. Hand End of
Mills. Net Tons. Net Tons.
Month.
Net Tons.
Grade.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
71
61
112
76
24
87
47
8
14
65
Teuel all eredee
139.259
89,201
197,136
51,463
12,466
31,418
16,034
4,918
8,949
18,733
136,564
87,043
194,552
52,050
13,119
30,208
16,386
4,948
9,319
18,004
19,098
47,822
55,754
36,397
9,158
42,893
17,028
4,670
2,663
15,996
569.577
562.193
251 479
with $535,333,417. The exports of cotton cloths and cotton manufactures show a decrease in quantity and value,
both for the month and the eight months' period. Below
is the report in full:
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARNS,THREAD
AND HOSIERY.
Month of August.
Raw cotton, lad. linters__ __bales
Value
$
Cotton manufactures. total_ _ _ _S
Cotton cloths, total_square yards
Value
$
Tire fabrics
square yards
Value
$
Cotton duck
square yards
Value
5
Other cotton clothsUnbleached
square yards
Value
5
Bleached
square yards
Value
5
Printed
square yards
Value
SS
Piece dyed
square yards
Value
5
Yarn dyed
square yards
Value
5
Cotton yarn, thread, &c.
Carded yarn
pounds
$
Value
Combed yarn
pounds
Value
$
Sewing, crochet, darning and
embroidery cotton-- -pounds
Value
$
Cotton hosiery
dozen pairs
Value_ _ _ _
__ _5
8 Months Ended August.
1925.
1926.
1926.
1925.
315,825
391,295 4,167,590 3,866,387
41,494,061 40,323.866 535,333.417 400.844,950
12,410,504 9,899,805 101,685,909 91,375,386
44,490,818 38,508,446 366,106,687 345,350.797
7,030,932 5,481,393 57,990,740 51,643,616
1,232,537
281,887
*
•534,281
142,560
1,027,832
820,403 7.609,433 . 7,826,527
442,062
305,495 3,323,578 2,965.312
se 21
10,199,154 8,647,559 79,432,569 77,999.89e
1,166,623
879.928 9,559,900 8,500,967
7,417,521 6,923,991 64,019,181 67,282,803
1,109,835
803,852 9,183,190 8,721,195
8,900,254 7,421,546 79.455.063 64.454,733
1,214,439 1,011,284 10,705,167 9,386,712
9,241,592 8,285.745 73,852,961 70,377,964
1,727,490 1,402,691 13,989,445 12.486,495
7,704.465 6,127,315 61,737,480 56,176,337
1,370,483
935,583 11,229,460 9,048,674
1,083,686
465,252
533,615
451,262
1,179,716
404,458
706,343
526,328
9,267,900
3,949.694
5,794,077
4,233,705
9,923,357
3,642.894
6,194,673
4,743,801
60,897
59,285
478,246
934.149
119,639
124,362
330.849
569.666
758,730
835,425
3,754,970
7000 456
939,522
957,777
3,501,725
6.285.180
*Beginning San. 1 1926.
During the same period domestic wood pulp production
decreased 3%,this decrease being distributed over all grades, Report on Hosiery Industry in Philadelphia Federal
With three exceptions. The August totals (mills identical with
Reserve District.
those reporting in July) as reported by the American Paper &
The following table compiled by the Bureau of the Census,
Pulp Association, are as follows:
and made public by the Federal Reserve Bank of Philadelphis, shows the activities of the hosiery mills in the Third
NunsStocks on
ber of Production.
Used.
Shipments. Hand End of (Philadelphia) Federal Reserve District in August, and a
Mills. Net Tons. Net Tons. Net Tons.
Grade.
Month.
comparison with those of July:
Net Tons.
Groundwood pulp
Sulphite news grade
Sulphite bleached
Sulphite easy bleached
Sulphite Misterlich
Sulphate pulp
Soda pulp
Other than wood pulp_
Total, all grades
_
90
35
20
6
6
9
11
2
75,140
37,996
22,850
3,475
5.708
14,111
18,321
87,377
33,532
19,220
2,861
5,581
12,772
13,276
3,868
4,723
3,325
601
539
1,439
5,009
8
126,295
10,651
3,483
859
416
1,605
4,171
21
177.601
174.619
19.512
147.501
Men's.
Full-fashioned.
In Dozen
Pairs,
Production_ _
Shipments .._
St'k, finished
& in gray_
Orders b'ked
Cancellations
received _ _
Unfilled ord's
end of m'th
Women's.
Seamless.
Full-fashioned,
Seamless.
Per Ct.
Per Ct.
Per Cl.
Change
Change
Change
from
from
from
Aug.
August
July
July
July
Aug.
1926.
1926.
1926. 1926. 1926. 1926.
Per Ct.
Change
from
August
July
1926
1926.
22,512 +3.2 196,958 -8.6
19,772 +14.3 265,529 +34.5
131,376 -11.9
143,010 +3.5
517,110
429,581
+7.7
+1.3
71,536 -10.8 435,886 -7.8 603,868 +16.9 291,202 -2.6
Sales of Standard Cotton Textiles Exceed Production.
15,398 -5.0 193,186 -4.1 245,699 -9.8 133,045 +0.0
Sales of standard cotton textiles exceeded production by
1,172 -56.1
+6.5 113,525 +599.5
887 +362.0 8,518
4734% in the period between July 1 and Sept. 15, according
22,051 -18.8 357,635 -17.5 1,563,707 -14.4 149,375 -8.2
to data compiled by the Association of Cotton Textile Merchants of New York, and made public Sept. 26. Production
Athletic and
Children's and
Boy's and
Sport.
Total.
Infants.'
Misses.'
during this period totaled 507,325,000 yards, while sales
Per Ct.
Per Ct.
Per Ct.
Per Ct.
aggregated 749,634,000 yards. These figures include all
Change
Change
Change
Change
from
from
from
yardage reports made to the Association by its members,
from
August
July
July
August
July
July
Aug.
Aug.
and represent approximately 80% of all standard cotton
1926.
1926.
1926.
1928.
1926. 1926. 1926. 1926.
cloths made in the United States. Fancy and special cotton Production_ _ 17,856 +19.2 53,687 +26.5 33,409 +5.1 972,908 +1.8
cloths are not included. Unfilled orders on Sept. 15 totaled Shipments __ 28,462 +128.9 44,672 -39.5 36,580 -8.9 967,606 +7.1
St'k, finished
49,396 -11.0 1,783,955 +4.2
359,771,000 yards, against 187,837,000 yards on July 1, an
& in gray_ 34,208 -19.5 297,859 +21.3
41,611 +47.2 802,493 +8.6
Orders b'ked 34,557 +125.3 138,997 +93.2
9%. Simultaneously, Cancellations
increase of 171,934,000 yards, or 913/
1,574
1,590 -76.6 127,298 +159.7
-80.7
received
_
-99.6
30
Sept.
15
had
decreased
from
on
hand
stocks
305,245,000 Unfilled ord's
22,208 +18.5 2,346,512 -9.6
end of m'th 48,702 +26.2 182,834 +110.3
yards on July 1 to 234,810,000 yards, or 23%. With prices
on cotton and cotton cloth much lower than they have been
for the past several years, the potential market for cotton
West Coast Lumbermen's Association.
textiles has been greatly expanded, says the Association.
One hundred and seven mills reporting to the West Coast
Buyers are no longer disturbed over possible inventory losses, Lumbermen's Association for the week ended Sept. 18
and are operating with increased confidence. Some mills manufactured 111,553,162 feet, sold 117,290,907 feet and
have booked business in volume as far ahead as April 1927.
shipped 112,940,937 feet. New business was 5,737,745 feet
more than production and shipments, 1,387,775 feet more
Exports of Cotton, Cotton Cloths, Yarns, Thread than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS.
and Hosiery.
SHIPMENTS AND UNFILLED ORDERS.
Sept. 11.
Sept. 4.
Sept. 18.
Aug. 28
Week EndedThe Department of Commerce at Washington on Sept. 27
108
107
105
Number of mills reporting
109
issued its monthly report on the domestic exports of cotton, Production (feet)
111,553,162
98,521,594 108,756,074
111,113,194
117,290,907
101,004,295
108,578,891
109,405,726
business
(feet)
New
cotton cloths, yarns, thread and hosiery for the month of Shipments (feet)
86,883,895 113,826,201
112,940,937
114,486,197
balances:
August and the eight months ending with August 1926, Unshipped
132,561,770 135,936,919 125,213,673 133,771,141
Rail (feet)
corresponding
periods
a
159,357,508 154,775,367 159,303,804 152,421,618
year ago.
Domestic cargo (feet)
with comparisons for the
105,076,599 117,221,811 112,499.851 112,843,791
Export (feet)
The exports of raw cotton were larger this year in quantity,
396.995,877 407,934,097 397,017,328 399,036.550
Total
(feet)
month
of
the
in
August
than
1926,
but smaller in value
1926.
1925.
1924.
1923.
First 38 Weeks105
117
124
132
391,295 bales having been shipped out in August 1926 as Average No. of mills_ _ _ - 3,913,572,159
3,797,356,770 3,501,439,034 3,787,485,137
Production (feet)
4 078,484,664 3,929,127,767 3,565,036,453 3,846,582,317
compared with 315,825 bales in August 1925, the value of New business (feet)
4 036,066,908 3,966,574,273 3,669,508,790 3,996,478,368
these exports, however, was $40,323,866 as against $41,- Shipments (feet)
494,061. For the eight months' period ending with August
Activity Continues in Lumber Industry.
this year the exports of raw cotton are smaller in both quanReports received by the National Lumber Manufacturers
tity and value than in the corresponding period a year ago,
only 3,866,387 bales having been shipped out in the eight Association from 357 of the larger softwood, and 145 of
months' period ending with August 1926 as against 4,167,596 the chief hardwood mills, representative of all the principal
bales in the eight months' period ending with August 1925. lumber regions of the United States, indicate little or no
The value of the exports is placed at $400,844,950 ascompared change from the high level of activity of the preceding
OCT. 2 1926.1
THE CHRONICLE
week. The reported production, shipments, and new
business of the comparably reporting softwood mills are
actually somewhat less for the week ended Sept. 25 than for
the preceding week, but the difference is mainly to be accounted for by the fact that 15 fewer mills reported for that
week. A similar explanation accounts for apparently lower
production and shipments than for the corresponding week
for last year; nevertheless, new business reported by a
smaller number of mills is greater in the aggregate.
Hardwood operations showed nominal decreases in production and shipments, and almost a 10% gain in orders.
Unfilled Orders.
The unfilled orders of 231 Southern Pine and West Coast mills at the
end of last week amounted to 655,442,716 ft., as against 650,531,877 ft.
for 229 mills the previous week. The 122 identical Southern Pine mills
in the group showed unfilled orders of 253,702,800 ft. last week, as against
253,536,000 ft. for the week before. For the 109 West Coast mills the
unfilled orders were 401.739,916 ft., as against 396,995,877 ft. for 107
mills a week earlier.
Altogether the 339 comparably reporting softwood mills had shipments
100% and orders 98% of actual production. For the Southern Pine
mills these pertentages were respectively 120 and 102; and for the West
Coast mills 96 and 93.
Of the reporting mills, the 313 with an established normal production
for the week of 217,537,767 ft., gave actual production 103%.
shipments
102% and orders 100% thereof.
The following table compares the softwood lumber movement, as reflected by the reporting mills of seven regional associations, for the three
weeks indicated:
Preceding
Past
Corresponding
Week 1926
Week.
Week 1925.
(Revised).
Mills
339
369
354
Production
234,954,249
247,112,255
236,162,806
Shipments
234.307,882
253,443,333
245,980.060
Orders(new business)
249,315,090
230,585,167
252,782,057
The following revised figures compare the softwood lumber movement
of the same seven regional associations for the first 38 weeks of 1926 with
the same period of 1925:
Production.
Shipments.
Orders.
1926
9,087.903,721 9,311.364.822 9.344,090,620
1925
9,129,424,696 9,052.832.928 8.899,530,998
The mills of the California White and Sugar Pine Association of San
Francisco make weekly reports, but, not being comparable, they are not included in the foregoing tables or in the regional tabulation below. Eighteen
of these mills, representing 51% of the cut of the California pine region, gave
their production for the week as 26.139,000 feet, shipments 19.743,000 and
new business 21,311,000. Last week's report from 19 mills, representing
55% of the cut, was: Production, 29,355,000 feet; shipments, 21,193,000
and new business, 17,334,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 109 mills reporting for the week ended Sept. 25 was 7%
below production, and shipments were 4% below production. Of all new
business taken during the week,40% was for future water delivery, amounting to 43.716,890 feet, of which 27,784,751 feet was for domestic cargo delivery and 15,932,139 feet export. New business by rail amounted to
59,127,757 feet, or 54% of the week's new business. Forty-four per cent
of the week's shipments moved by water, amounting to 49,544.973 feet, of
which 35,240,491 feet moved coastwise and intercoastal, and 14.304,482
feet export. Rail shipments totaled 56,546,168 feet, or 50% of the week's
shipments, and local deliveries 6,323,170 feet. Unshipped domestic cargo
orders totaled 156.076,480 feet, foreign 115,145,065 feet and rail trade
130,518,371 feet.
Labor.
Logging both east and west of the Cascades is gradually being increased,
with a consequent demand for men, according to the Four L Employment
Service. The employment peak of the year has been passed, as mills of the
Inland Empire and other pine districts are tapering off for the season, as
Is usual at this time of year. Many second shifts have been released or
day crews reduced in number. Douglas fir sawmills continue active, and
there is no sign of lessened production.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 122 mills
reporting shipments were 1.92% above production and orders 2.18% above
production and 0.26% above shipments. New business taken during the
week amounted to 64,447,350 feet, shipments 64,280,550 feet and production 63,072,348 feet. The normal production of these mills is 73,430,442
feet. Of the 119 mills reporting running time, 77 operated full time.
20 of
the latter overtime. Four mills were shut down, and the rest operated from
one to five and one-half days.
The Western Pine Manufacturers' Association of Portland, Oregon, with
three fewer mills reporting, shows some decrease in production and notable
decreases in shipments and new business.
The California Redwood Association of San Francisco, Calif., reports a
slight increase in production, a nominal decrease in shipments and good
a
gain in new business.
The North Carolina Pine Association of Norfolk. Va., with
eight fewer
mills reporting, shows production about the same, and notable
decreases in
shipments and new business.
The Northern Pine Manufacturers Association of Minneapolis, Mimi.,
reports slight decreases in production and shipments, and new
business
well in advance of that reported for the previous week.
The *Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production), shows a small decrease in
production, a nominal increase in shipments, and a substantial increase in
new business.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 18 mills, production as 1,597,000 feet,
shipments 3,876,000, and orders 3,641,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 127 units, production as 20,319,572 feet, shipments 19,522.621, and
orders 25,718,666. The normal production of these units is 21,346,000 feet.
The two hardwood groups totals for the week as compared with the
preceding week were:
Mills. Production, Shipments.
Orders.
Week ended Sept. 25
145 21,916,572 23.398.621 29,359,666
Week ended Sept. 18
145 22,707,997 24,611.164 26.105,474
1695
For the past thirty-eight weeks all hardwood mills
reporting to the
National Lumber Manufacturers Association gave production 1,120,901,882
feet, shipments 1,093,498,122, and orders 1.128,450,269.
CruderOil Market Quiet—Gasoline Price Changes
The crude oil market showed no price changes of importance during the week just ended but the gasoline market
tended downward with several reductions in price. The Shell
Union Oil Corp. on Sept. 25 met the cut of 3c. a gallon in
gasoline recently announced by Union Oil of California. The
price was then 173c. per gallon.
A second cut within a week was announced Sept. 27 by the
Union Oil Co. of California when it reduced the service
station price of gasoline lc. a gallon to 163c. This is in
addition to the 3c. cut announced Sept. 22. This cut to
16%c. per gallon was immediately met by the Shell Union
Oil Corp.
Also on Sept. 27, the Richfield Oil Co. reduced its tank
wagon price of gasoline 3 cents to 19 cents a gallon, tax
paid, in San Francisco territory and extended similar reduction to all California, Nevada and Arizona territory. Other
companies were expected to follow immediately.
The Standard Oil Co. of California met the price of 173.
cents in southern California with its first grade gasoline, thus
bringing all major companies in line. This is the first general
gasoline price reduction in California, it is stated, since the
price was raised 2 cents a gallon last March.
The Standard Oil of New Jersey on Sept. 27 reduced the
export price of Navy gasoline in cases %c. a gallon to
28.40e,
On Sept. 28, the Atlantic Refining Co. made its New
England cash price of gas at filling stations 20 cents a gallon,
a reduction of 1 cent. Its regular posted filling station
price remains unchanged at 21 cents and tank wagon price
is unchanged at 19 cents per gallon.
In contrast to these reductions, the Magnolia Petroleum
Co. at Houston, Texas, on Sept. 29 advanced gasoline prices
one to two cents a gallon in a number of Texas cities where
its schedule has been very low, making its tank wagon at
these points 16c. and retail price 19c. a gallon. These are
still below prices in other parts of the State where tank
wagon is generally 18 and retail 21e. This move is regarded
as preliminary to bring Magnolia's price in cities affected in
line with other parts of the State.
Reports from Fort Worth, Tex. on Sept. 30 states that
following the announcement that it would not purchase any
more of Crane-Upton County crude, the Marland Oil Co.
posted prices for storing crude oil from that section. These
include a 200. per barrel gathering fee, 21c. per barrel to
cover transportation in tank cars from McCamey and
Kemper, 23,3. per barrel, unloading charge at Kemper and
2c. per barrel per month storage at Kemper.
Gulf Coast bunker"C"fuel oil cargoes have been increased
from $1 373'@$1 40 a barrel, to a minimum of $1 45.
Bunker fuel oil remains priced at $1 55@,$1 60 a barrel.
In the Eastern section of the country, the Standard Oil
of New Jersey reduced bunker oil 10c. a barrel, making it
$1 65 a barrel at New York and Baltimore, and $1 60 a
barrel at Charleston, S. C., effective Oct. 1.
In the wholesale market, the U.S. motor grade was quoted
at from 103. to 1034c. a gallon. Kerosene was slightly
lower, with 41-43 water white 7 @.813.
Fear No Spread in Gasoline War—California Price Fight
Local, Oil Men Believe.
The following is from the "Sun" of Sept. 30.
Important oil men see no immediate danger that the California gasoline
price war will extend to Eastern territory. The fight so far has been pretty
well localized even in California. That is to say, the reductions have been
mainly in the Los Angeles district, which comprises all of Southern California. There has been a straight 4% cut in that district by all of the
leading distributors of gasoline. Only one company, the Richfield Oil
Company, has extended its price reductions throughout the Pacific Coast
territory.
California is the only region in the whole country where any general
reduction has been made in the price of gasoline. Elsewhere the market
this year has been stable. It is true that the Chicago gasoline market has
shown signs of heaviness. However, there has been no price cutting in
that district.
Oil men in this city say that the price war in California is a hangover of
the overproduction in California which swamped the country with oil a
few years ago and broke the markets. Some refiners, they say, are still
overstocked with gasoline and have become tired of carrying the load.
According to trade reports the price cutting was started in Los Angeles by
independents in retaliation against the Standard Oil Co. of California for
introducing a second grade gasoline on the market at a price lower than Its
regular grade.
"California," commented one large Eastern oil man,"is a law to itself in
the oil industry. It goes its own way, regardless of what the rest of the
Country does. There has been no increase recently in production in that
1696
THE CHRONICLE
[you vs.
State. The California output of crude oil has been running along at an Steel Shipments at High Rate—Pig Iron Market Stable.
average of around 600.000 barrels a day for some time. That is about
Continuance of the September rate of steel production and
the same paoduction as Texas shows. On the other hand California, has
large stocks of oil and gasoline still on its hands from the period of over- shipment into October is generally indicated, though in
production a few years ago.
will mean, as has been the case
"Stocks of gasoline in that State are quite heavy. Production of that several products this
commodity reached its peak in California in Feb. 1925. when stocks in the this month, some reduction in the total of unfilled orders,
hands of refiners rose to 12.059.000 barrels. At the end of August of this declares the "Iron Age" in its weekly review of market
year they were 10.421.903 barrels. The supply of California crude oil has
been about stationary in the last year. However, it is interesting to ob- conditions, issued Sept. 30.
serve that stocks of crude oil used for refining gasoline have dropped this
In respect to prices and production, maintenance of the
year to 32.153,000 barrels, against 41,216.000 barrels a year ago."
record of the past quarter is the extent of producers' hopes
A high official of a large oil company producing in Texas expressed the
view that the Lone Star State. and not California, offered the greatest for the fourth quarter, whereas.in the last 3 months of 1925
threat of overproduction at the present time. The chief danger of excessive prices advanced and output increased, continues the "Age"
output lay, he said, not in the Spindietop district, about which Wall Street
in its interesting summary from which we quote:
has been talking recently, but in the Panhandle region. Oil has been found
Railroad buying continues to figure largely in forecasts of October orders,
over a wide territory in that district, he observed, and no one knows how
though there will be little actual rolling on these next month. Some roads
many or how large are the pools which may underlie the surface.
There has been a great deal of drilling in the Texas Panhandle, he con- are figuring on more rails than in several years. The Santa Fe requiretinued, and production is increasing. However, the district lacks pipe line ments are put at 135,000 tons, and among Chicago estimates are 80,000
facilities for shipping its oil to the markets, with the result that all oil must tons for the Illinois Central, 50.000 tons for the St. Paul, 45,000 tons
be sent by rail at higher transportation cost and in reduced volume. As a for the Rock Island. 42.000 tons for the Burlington. Other tonnages
result oil is backing up in the Panhandle field, prices have been cut locally discussed tentatively are 35.000 for the New Haven,55,000 for the C. & 0.,
and production Is being held down. Many wells have been "pinched in" 75.000 for the L. & N., apart from the 200.000 commonjy expected from
because of lack of storage and marketing facilities for the oil. Should pipe the Pennsylvania and 240.000 from the New York Central.
It is to be remembered that fall contracts of rails in excess of 1.000,000
lines be extended to the territory there undoubtedly would be a big jump
in Panhandle's output of oil, this authority thought. What is more, such tons are not unusual and that rail business commonly compensates for
facilities will be available soon. The Prairie Oil & Gas Co. is building a seasonal declines elsewhere.
With the appearance of an inquiry of 1.500 cars for the St. Paul and
pipe line to the Panhandle district.
While the threat of over production is ever present, oil men said it un- authorization of 1.500 cars by the Louisville & Nashville, interest is redoubtedly is true Government experts recently stated that the known vived in the possibility of improved equipment' buying. The Missouri
supply of oil in proved fields is sufficient for only about seven years' require- Pacific is expected to inquire'for 3.500 and the Delaware, Lackawanna &
ments. However, they also observed that such is a normal situation. Western for 2,000. The Illinois Central's requirements may also be made
Prey,d oil supply never has been more than a few years ahead of con- known soon.
Consumers of bars, plates and shapes have specified well on the business
sumption.
Improved refining methods are proving a factor in meeting the vastly they placed in the quarter now expiring, but as a rule are not covered for
Increased demand for gasoline. The percentage of gasoline recovered from the full fourth quarter, seeing no prospect of a higher market than 2c..
a stated amount of crude oil has grown from around 15% a few years ago Pittsburgh.
Sheet mills have done very well in recent bookings and more of them are
to approximately 30% at the present day. The increase has been th3 result
adopting the $2 advance. Independent makers booked 100.000 tons in
chiefly of recovery of gasoline from heavy oils not formerly refinable.
September than in August and some are booked eight to ten weeks ahead.
Tin plate operations are close to capacity but due in part to advancing
nf orders scheduled for rolling later. In view of the record-breaking
Reported
in
Crude
Oil
Further Decline
Production.
season for canners it is questioned whether the carry-over will not be a
A decrease of 2,000 barrels per day was reported in the factor in 1927.
Steel requirements for building construction continue in fair voluje, seeing
estimated daily average gross crude oil production in the
that many fabricating shops cannot promise deliveries until late fall.
United States for the week ended Sept. 25, when the output The
week's awards were close to 30.000 tons. About 8,000 tons was
was 2,170,400 barrels as compared with 2,172,400 barrels taken for the Pittsfield Building in Chicago.
Purchase of 2,500 tons of concrete reinforcing bars for two Staten Island,
for the preceding week, according to data furnished by the
Y., bridges developed price competition in which some of the larger
American Petroleum Institute. The daily average produc- N.
mills did not engage, and the order went to a small Pennsylvania mill at
tion east of California was 1,574,400 barrels, as compared a concession.
Automobile plants are going ahead at about their recent pace, but most
with 1,575,800 barrels, a decrease of 1,400 barrels.
builders are buying steel and parts only for early delivery and makers of
following are estimates of daily average gross production by forgings and castings are being pressed for shipments
A firmer coke market has helped to stiffen pig Iron prices in the Pittsdistricts for the weeks indicated:
burgh and Valley districts. Eastern Pennsylvania furnaces are also asking
DAILY AVERAGE PRODUCTION.
an advance. The blowing in of the new furnace at Boston is more than
Sept. 25'26 Sept. 18'28 Sept. 11 '28 Sept. 26'25
(In Barrels)—
going out of several merchant stacks.
Oklahoma
464,150465.300
.
488,550 offset by the
Connellsville coke production is held down by the drawing of labor from
114.200
112.250
112,750
Kansas
111,300
205,400
201,800
199.850
North Texas
76,600. that district to mines paying the full union rate. These latter are getting
55.900
59,050
64,900
East Central Texas
86.900 an increasing export business at good prices.
92.750
93,050
West Central Texas
93.150
74.650
Rejections of thousands of tons of melting steel scrap by a large Eastern
45,100
46,100
Southwest Texas
46,800
45,150
57.100
56,450
North Louisiana
55,950
47,750 steel company have flooded the East with scrap that has gone begging.
152,450
152,500
Arkansas
154,250
212,350 A purchase at $16 50, delivered, brings the eastern Pennsylvania quotation
175.300
173,700
Gulf Coast
175.750
93,950 down 50c. a ton. At Pittsburgh the scrap market is weak, but with no
110,500
Eastern
110.500
110,000
107,000
•
65.450
67,500
Wyoming
65.700
87.250 marked change in price.
24,900
22.900
Montana
27,950
Business in castings fell off in August but the year so far is ahead of the
14,950
8,300
Colorado
8,200
8,650
4,000 same period of 1925. Bookings of commercial steel castings have averaged
4,750
4,950
4.550
New Mexico
4.000
84.730 tons a month this year, against 72,915 tons last year. The monthly
596,600
596,000
California
598,800
653.000
average of malleable castings was 54,375 tons to Aug. 31 this year; in
2,172,400
2,170300
2,184,350
Total
2,107,400 1925 it was 53,560 to the same date.
Imports of pig iron and steel are growing. For the eight months ended
The estimated daily average production of the Mid-Continent field, inwith August they were 786.850 tons, or 170.000 tons more than in 1925
eluding Oklahoma, Kansas. North. East Central. West Central and SouthAugust total was 91.578 tons against 82,411 tons in July.
West Texas, North Louisiana and Arkansas, for the week ended Sept. 25 to Aug. 31. The
Germany leads in both pig iron and steel, supplying 24,148 tons in August
was 1,187,100 barrels, as compared with 1,186.150 barrels for the preceding
tons in the eight months.
week,an Increase of 950 barrels. The Mid-Continent production, excluding and 176,971
Exports declined to 171.588 tons in August from 194.717 tons in July.
smackover, Arkansas Heavy oil, was 1.067,650 barrels as compared with
For the first eight months the total was 1.394.888 tons, an increase of
1.066,850 barrels, an increase of 800 barrels.
tons over the same period last year.
In Oklahoma production of North Braman is reported at 9.600 barrels almost 225,000
Japan is in the market for sheets, structural material, pipe and tin plate
against 9.900 barrels; South 13raman. 7.950 barrels against 8,100 barrels;
is
bartering
for lower prices. An active Inquiry covers 10,000 tons
but
Tonkawa. 37.950 barrels against 39,350 barrels: Garber, 28.250 barrels
Imperlod Government Railways. The freight on
against 29.050 barrels; Burbank. 47,050 barrels against 47,850 barrels; of 100-lb. rails for the
Japan was recentl reduced from 35s. to 30s. a ton.
Bristow-Slick. 27.500 barrels against 27.550 barrels; Cromwell, 15,500 European pig iron to
"The Iron Age" composite prices remain unchanged. Pig iron is $19 46
barrels, no change; Papoose. 10,100 barrels against 10,250 barrels; Wewoka,
a decline in Birmingham foundry iron being offset by an
28.200 barrels against 30,100 barrels; Seminole. 24,000 barrels against per gross ton,
advance in the Valleys. Finished steel is 2.439c..per lb. according to the
20,300 barrels.
are appended:
In North Texas, Hutchinson County is reported at 113.550 barrels against usual tables which
112.600 barrels, and Balance Panhandle. 8,900 barrels against 9,100
Pis Iron.
Finished Steel
1 Sept. 28 1926. $1946 Per Gross Ton.
Sept. 28 1926, 2.439c. Per Lb.
barrels. In East Central Texas, Corsicana Powell, 25,350 barrels against
One
week
2.439c.
ago
One
week
ago
$1946
25.550 barrels; Nigger Creek. 11.100 barrels against 13.350 barrels; Reagan
2.431c. One month ago
19 48
One month ago
County. West Central Texas. 28.300 barrels against 28.750 barrels; Crane & One year ago
2.4030. One year ago
19 63
1 689c. 10-year pre-war average
15 72
Upton Counties. 9.150 barrels against 9.300 barrels; and in the Southwest 10-year pre-war average
Based on average of basic iron at
Based on prices of steel bars, beams.
Texas field, Luling. 21.200 barrels against 21.400 barrels: Laredo District,
rails,
open-hearth
Valley
wire,
furnace
foundry
irons
plates,
plain
and
at
tank
17.600 barrels against 18,300 barrels; Lytton Springs. 3.600 barrels against black pipe
and black sheets. constituting Chicago, Philadelphia, Buffalo. Valley
3.750 barrels. In North Louisiana, Haynesville is reported at 9,350 barrels 87% of the United States output.
and Birmingham.
against 9.300 barrels; Urania. 15.400 barrels against 14.250 barrels; and in
Low.
Low,
High.
High.
Arkansas, Smackover light, 14.550 barrels against 14.650 barrels; heavy, 1926..2.453c. Jan. 5; 2.4030. May 18 1926_321 54 Jan, 5; 819 46 July 13
119,450 barrels against 119.300 barrels; and Lisbon. 8,000 barrels, no 1925_2.560c, Jan. 6: 2.3960. Aug. 18 1925._ 22 50 Jan. 13; 18 96 July 7
15; 2.4600. Oct. 14 1924._ 22 88 Feb. 26: 19 21 Nov. 3
change. In the'Gulf Coast field Hull is reported at 19,650 barrels against 1924-2.789c. Jan.
1923-2.324e. Apr, 24; 2.446o. Jan. 211923-- 30 86 Mar.20; 20 77 Nov.20
19,350 barrels: West Columbia.8.550 barrels against 8.550 barrels: Spindletop, 90.400 barrels against 87.050 barrels; Orange County, 7,750 barrels
Nine months of remarkable demand have brought the
against 8.150 barrels, and South Liberty. 4.050 barrels against 4,100
steel industry to the final quarter of the year without perbarrels.
In Wyoming, Salt Creek is reported at 44,550 barrels against 46,800 ceptible dimimition in stability or prespects observes the
barrels; and Sunburst, Mont.. 20,000 barrels against 22,000 barrels.
"Iron Trade Review" on Sept. 30. If there is any good
In California. Santa Fe Springs is reported at 48,000 barrels, no change;
Long Beach. 94.000 barrels, no change; Huntington Beach. 45,500 barrels basis for some recent reports of less sangiune expectations in
against 44.500 barrels; Torrance, 27.000 barrels, no change; Dominguez, the industry, it is difficult to locate it.
Consumption is
22.000 barrels, no change: Rosecrans. 13.000 barrels, no change; Inglewood,
keeping on a high plane which, in the absence of any con42,000 barrels, no change; Midway Sunset. 94.000 barrels, no change; and
siderable stocks, generally, is compelling current ordering in
Ventura Avenue, 47.000 barrels against 48,600 barrels.
The
OCT.'2 1920.]
THE CHRONICLE
steadily large volume. Mills, under constant pressure for
deliveries, are keeping production within the recent high
limits. Producers exhibit every confidence that the final
three months will round out a new high record steel output
for the year, adds the "Review" which further summarized
conditions as follows:
Buyers are active in specifying third quarter obligations and the mills
well marked in steel
September exceeded
August by over 40%,and at Pittsburgh by 10 to 25%•
Sheet and tin plate bookings are running unusually large, exceeding
anything previously done this year. Sheet production in the Mahoning
Valley this week was around 93%, the highest point yet reached. The
leading producer of sheets is up to 90.6%, the highest mark since 1923.
In tin plate, it is operating at 92.2%.
If expected early inquiries for over 10,000 cars materialize, they will
serve to retrieve the outstanding sluggish spot in the general situation.
Pending rail inquiries represent fully 1,000,000 tons. The latest to appear
include 240,000 tons for the New York Central, 45.000 tons for the Rock
Island, 50,000 tons for the St. Paul, 42,000 tons for the Burlington and
35,000 tons for the Chicago & North Western.
Higher coal prices, especially for expert, continue to lift the coke market,
with sellers more indifferent.
Pipe makers have broken the Alabama pig iron market $1 a ton to
$20.
Birmingham. Considerable tonnage was closed, including a lot of
10,000
tons. The effect of this decline is largely local. Elsewhere the market
holding and it is showing more firmness at Pittsburgh and in valleys.
September set a new high mark in that month in movements to lower
lake ports of Lake Superior iron ore. The total is estimated at approximately 9,700,000 tons, Which brings the season to date about 2,500,000 tons
above that of 1925.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $37 82. This compares with $37 88 last week
and
$37 78 the previous week.
'will carry little tonnage past Oct. 1. This has been
bars. At Chicago, bar specifications in most of
1697
of firms reporting this item, as against 88% in July and 80%
a year ago.
The following table lists the statistics reported by 203
identical firms (including data in earlier months for 21
additional firms now out of business) with a present capacity
of 272,905 tons per month, comparing with 269,720 in 1925,
261,805 in 1924, 254,010 in 1923 and 254,750 in 1922. For
comparative purposes the percentage figures are used to
obtain a computed total for the United States, based on a
capacity of 285,000 tons per month in 1923, 293,000 in 1924
and 305,000 in 1925 and 1926.
Bookings.
1924-Jauuary
February
March
April
May
June
July
August
181.931
185.721
177,452
167.996
152,706
168,268
179.430
155,850
72
/3
70
66
60
65
69
60
151.091
155.809
183,286
204,996
183.823
229.130
217,834
209,752
57
58
69
76
68
86
81
78
218.428
239.680
191,170
200.147
80
89
71
74
a161.414
6163.400
684,139
d196.457
e206.889
1199.002
p190,031
6214,580
59
Total (8 months).
1925-January
February
March
April
May
June
July
August
BOOKINGS OF STEEL CASTINGS.
Total.
Railway Specialties. Mitten. Castings,
Net
Tons.
P.C. of
Capac
Net
Tons.
P.C. of
Caper.
Net
Tons.
P.C. of
Capac.
98,703
76,514
75.537
74.541
63,827
62,700
67,881
63.606
78
61
60
59
51
50
54
51
49,881
35,356
29,789
29.861
22,817
23,301
26,387
23.130
87
62
52
52
40
41
46
40
49,022
41,158
45,748
44,680
41,010
39,399
41,494
40,476
71
60
67
65
60
57
60
59
583,309
58
240.322
53
342,987
62
59,321
74,283
83,197
100.377
47
59
66
80
20,738
26,434
38,485
60,654
36
46
67
89
38,588
47,849
44,712
49,723
56
70
65
72
900,492
60
376.633
55
523,859
64
106,058
93,288
104,847
86,685
78,889
68,030
*74,430
65.622
83
73
82
67
61
53
57
51
51,557
41,236
44,507
26,713
31,318
15,992
29.258
22,773
87
70
75
45
53
27
49
38
54,501
52,052
60.340
59,972
47,571
52,038
*45,172
42,849
79
75
87
87
69
75
65
62
56
414,495
75
1925.
January
February
March
April
May
June
July
August
Total (8 months)._
September
October
November
December
Total (year)
1926.
January
February
March
April
May
June
July
August
•
Total (8 months)
677.849
66
263,354
PRODUCTION OF STEEL CASTINGS.
1926.
January
February
March
April
May
June
July
August
Total (8 months)._
91,946
90,799
108,231
105,602
95,608
93,392
*85,338
79,002
72
71
84
82
74
73
66
61
37,321
41.191
46,628
41,446
42,087
34,290
30,613
25,783
63
70
79
70
71
58
52
44
54,625
49,608
61,603
64,156
53,521
59.102
*54.725
53,219
79
72
89
93
77
85
79
77
749,918
73
299.359
61
4/41 ARO
ol
*Revised.
Structural Steel Sales Continue Large.
August bookings of fabricated structural steel, as reported
to the Department of Commerce by the principal
manufacturers, were 82% of capacity, based on total
bookings
of 214,580 tons reported by fabricators with a capacity
of
260,455 tons per month, as against July bookings
of 71%
of capacity and 78% a year ago. Shipments of fabricated
structural steel in August represented 82% of the
capacity
September
October
November
December
173.850
176,900
210,450
231.800
207,400
262.300
247,050
237.900
244.000
271.450
216,550
225.700
203 firms
202 firms
201 firms
200 firma
197 firma
199 firms
194 firms
180 firms
so
68
73
78
73
71
82
179.950
183,000
207.400
222,650
231,800
222,650
216.550
250,100
184,590
178,730
190.450
209.030
208,030
216.820
231.470
208,030
1626,150
58
61
73
76
76
77
82
80
176,900
186,050
222.650
231,800
231,800
234.850
250.100
244,000
1778.150
79
88
74
79
2705,350
Total (8 months)by
by
by
by
by
by
by
by
63
61
65
71
71
74
79
71
1747,650
Total (year)
1926-January
February
March
April
May
June
July
August-
a Reported
Reported
e Reported
d Reported
e Reported
f Reported
g Reported
A Reported
210,960
213.890
205.100
103.380
175.800
190,450
202.170
175,800
1567,550
Total (8 months)-
Commercial Steel Castings-August Production and
Shipments Fall Off.
August bookings of steel castings, as reported to the
Department of Commerce by the principal manufacturers,
were 56% of shop capacity as against 57% in July and 51%
a year ago. The 108 reporting concerns have a present
monthly capacity of 120,470 tons, and represent over fourfifths of the commercial-castings capacity of the United
States, of which 59,200 tons is usually devoted to railroad
specialties and 69,270 tons to miscellaneous castings. The
production of steel castings was 61% of capacity in August
as against 66% in July. The following table presents bookings of steel castings for each of the past twenty months
and production for the past eight months, with the percentage which these bookings and production bear to the
capacity of the reporting firms:
Shipments.
Aaual Per Cent
Computed Per Cent of Computed
Tonnage. Capacity. Tonnage. Capacity. Tonnage.
240,950
268,400
225,700
240.950
2754.150
68
63
82
so
78
86
88
82
1714,100
of 271,695 tons
a capacity of 271.775 tons.
a capacity of 271.375 tons.
a capacity of 271,075 tons.
a capacity of 270.335 5ona.
a capacity of 271,205 tons.
a capacity of 268.415 tons.
a capacity of 260,455 tom.
207.400
192.150
250.100
244.000
237.900
262,300
268,400
250,100
1912,350
with a capacity
with
with
with
with
with
with
with
Malleable Castings-August Production and Shipments
Slightly Larger.
The Department of Commerce announces statistics on
malleable castings for 139 identical plants, by months,
January 1925 to August 1926 inclusive. Seven plants with
monthly capacity of 3,650 tons were idle during August 1926.
REPORT .ON MALLEABLE CASTINGS. BY MONTHS.
Year
and
Month.
1925-January
February
March
April
May
June
July
August
Total (8 mos.)
September
October
November
December
Total (1925)._
1926-January
February
March
April
May
June
July
August
Productton
(Tons).
Shipments
(Tons).
Orders
Booked
(Tons).a
Monthly
Capacity
(Tons).
P. C. of
Capacity
Operated.
66,338
60,181
81,209
62,918
60,972
58,819
' 57.172
56,761
59,108
60,530
63,069
62,640
61,396
58,431
54,841
52,523
61,127
49.652
56,429
57,946
50,569
47,247
56,873
48.647
114.198
113.530
113,641
113,332
112,495
113.514
113,624
113,935
484,370
472.538
428,490
908,269
53.3
58,474
68,122
60.800
65,766
54.082
59,605
55,667
58,890
49,780
65,420
55.552
53,991
113.697
111,744
110,273
111.332
51.4
61.0
55.1
59.0
737,532
700,782
653.233
1,355,315
54.4
75,658
66,401
74,520
66,733
60,128
61,023
55,555
57,541
55.393
63,422
70,193
66,326
59,151
61.999
55,029
57.246
65,738
58,379
58.804
52,649
49.179
45.548
55.766
48,922
110,824
110,895
110,539
110.415
b108,891
b110,228
b108.855
b109,161
68.2
59.9
87.4
60.4
55.2
55.3
51.1
52.7
58.1
53.0
53.9
55.5
54.2
61.8
60.3
49.8
Total (9 mos.1
317.M0
485 730
434,083
379.608
58.8
a A number of plants have been unable to report orders. Tbe production
of such
plants in 1925 was 41,983 tons and in August 1926 4,255 tons.
b Capacity for May, June, July and August 1926, based on the following
formula:
"Total number of units of molding floor space, times the average production
molder per day per unit of floor space, times number of actual working days per
per
month. In no case should productive cai.acity based on floor space exceed
melting
or annealing capacity."
Steel and Foundry Operations in Philadelphia Federal
Reserve District During August.
Production of iron castings in the Philadelphia Reserve
district during August exceeded materially the July volume
and that of a year ago. Shipments, too, were 7% greater
in August than in July but were a trifle below those in
August 1925, the Federal Reserve Bank of Philadelphia
reports in making public.this week,the figures for August..
THE CHRONICLE
1698
[VOL. 123.
and commands high prices. As a result medium and lower grade coals are
receiving more attention. Quotations along the Atlantic seaboard are
advancing; at New York and Philadelphia the sharpest increase has been
on pool 11; at Baltimore pools 54 and 64 showed the largest advance. On
car prices at Boston went to $7, but this was less than replacement cost,
based on current Hampton Roads pier figures.
The effects of the export boom are most marked in West Virginia and
IRON FOUNDRY OPERATIONS-THIRD FEDERAL RESERVE DISTRICT.
eastern Kentucky. These two areas also enjoy the lion's share of the
% Change % Change diminishing lake cargo business. For the time being, however, resistance to
Month
Year
August 1926.
steady increases again is manifest in a greater discrimination in the selection
Ago.
Ago.
of coals. This has caused some minor readjustments in spot prices on
Kentucky slack and West Virginia high-volatile block. As an offset, all
10,961 tons
Capacity
+6.0
+12.4
5,635 "
Production
Kentucky block and West Virginia mine-run command higher prices.
+2.9
+8.1
562 "
k Malleable iron
Taking the country as a whole, increases in open-market quotations
+6.4
+12.9
Gray iron
5,073 "
exceed reductions. For the most part the latter are in Illinois and Indiana
+1.8
3,642 "
Jobbing
+5.5
+19.9
+37.3
1,431 "
For further manufacture
screenings. In these coals and in some intermediate sizes, reductions have
+7.0
-0.4
4,983 "
Shipments
been acknowledged officially and sharper concessions made on individual
-4.4
+1.2
$662,563
Plt Value
sales.
The "Coal Age" index of spot bituminous prices for Sept. 27 was
-8.4
4.767 tons
-5.1
Unfilled orders
183 and the corresponding weighted average price was $2.22. This was
$776,634
+0.6
+0.8
b Value
Raw Stockan increase of two points and 3c. over Sept. 20 and the highest level reached
+14.7
-0.6
5,638 tons
ing iron
this year.
-0.5
-8.8
2,762 "
Scrap
Lake dumpings the week ended Sept. 26 dropped to 711,183 tons of cargo
-5.8
1,721 "
-1.9
Coke
and 49,819 tons of vessel fuel, bringing the season's total to 21,802,897
Bank
says:
the
With reference to steel foundry operations,
tons, as against 19,427,713 tons last year.
Foundries making steel castings in this district report that the volume
First rumblings of a possible labor scarcity were heard last week from
of production, shipments and unfilled orders during August was somewhat central Pennsylvania. Eastern Kentucky also was apprehensive.
smaller than in July, but was considerably greater than the volume reached
The anthracite market continues to exhibit unmistakable indications of
in August, 1925. Details are as follows:
a healthy seasonal expansion. Production the week of Sept. 18 jumped to
2.003.000 net tons. Company prices on domestic sizes are firm. IndeSTEEL FOUNDRY OPERATIONS-THIRD FEDERAL
pendent quotations, except on egg and pea, show moderate advances.
RESERVE DISTRICT.
Stove and nut lead in demand. The steam market is improving, but
buckwheat still goes into storage.
% Change % Change
Month
Year
August 1926.
To read between the lines of reports that come from various
Ago.
Ago.
The physical volume of unfilled orders, on the other hand,
the Bank says, was 5.1 and 8.4%, respectively, smaller
than that in the preceding month and year before. Details
are as follows:
portions of the coal geography, there is a distinct feeling
displayed that something is likely to happen soon, "something" undoubtedly meaning that prices are to be seriously
disturbed all along the line, declares the Sept. 29 issue of
the "Coal and Coal Trade Journal." The stress caused by
2,518 tons
+9.4
+19.8
7,482 "
-3.8
-28.5
the demands of the exporter and the imminent, if not actual,
930 "
+1.1
-24.2
call for coal at home is bound to have a very decided effect
upon the figure that will be paid for many kinds of coal in
the future-perhaps very.near future. The advances that
Large Increase in Bituminous Coal Exports-Petroleum are so far recorded, many believe, are but the foreshadowing
Exports.
of a more pronounced one yet to come, continues this trade
The Department of Commerce at Washington gave out journal, which then adds the following details:
All the Atlantic seaboard reports improvement, and while the British
on Sept. 27 its monthly report on the exports of coal and
petroleum for the month of August and the eight months strike is recognized as a primary cause for the prevailing condition, other
factors are now distinctly to be recognized. The labor shortage is not to
ending with August. Crude petroleum exports for August be overlooked.
Industrial buying is a distinct factor and there seems to
August
1925,
the
than
in
value
these
of
have come a sudden realization on the part of those who must have coal,
1926 are smaller
the
price or what the conditions, that, in the light of the
matter
what
no
exports being $2,267,928, against $2,919,534. On the other
events that may happen, a reserve stock is an essential to prudent manhand, the exports for the eight months period ending with agement.
The place from whence the coal comes seem to be looking to the ports
August this year are larger than in the corresponding period
a continued large demand to go overseas and to the country at large as
a year ago, the value being $19,168,102 for the period this for
inevitable buyers, both of whom together are likely to bid up their prices.
in
the
period
a
$17,152,060
year
ago.
against
The
year,
Only one exception seems to be recorded in this general picture, and that
value of refined petroleum exports have increased both for Is from New England which appears not to be making its expected appeal
anthracite. It is suggested that some in the northern section have
for
the month and the period, being $45,388,695 in the month of become
somewhat familiar with the use of bituminous.
in
with
$39,468,470
August 1925,
August 1926 as compared
Contract buying is reported practically improved from all parts of the
of the present
and for the eight months period $334,846,606, against $284,- land. It is said that the railroads are extremely watchful
and there is the suggestion that they wish they were better provided
397,203. Bituminous coal exports increased heavily in the situation
with fuel than they are at this time.
month of August due mainly to the coal strike in Great
It is stated that the wholesalers in such centres as New York and other
the retailers, who in turn are
Britain. The value of these exports in August this year large cities are feeling the urgent inquiry oftheir
clientele-the small and
influenced by the word that comes from
$7,847,715
in
$16,702,226,
against
only
August
a year ultimate consumer. One breath of frigid air is apt to cause actual excitewas
ago and for the eight months period ending with August ment all along the line that leads to the households and the big buildings.
In the midst of general conditions that are unusually potential, the Lake
1926 the value was $66,942,093, against $43,842,329 for regions
are comparatively quiet. Things are going well there, but business
year
ago.
Below
are the figures: is in an even stride and the Lake shippers appear to have exercised a comthe corresponding period a
Capacity
Production
Shipments
Value
Unfilled orders*
Value*
Raw stocking iron
Scrap
Coke
*Figures of one plant omitted.
12,240 tons
6,842 "
5,130 "
$769,050
4,784 tons
$936,769
-2.4
-3.2
-2.3
-12.4
-8.1
+37.3
+29.7
+17.0
+52.9
+43.9
8 Mos. End. AugustAugust
1926.
1925.
1926.
1925.
$2,267,928 $2.919,534 $19,168,102 $17,152,060
Crude petroleum
45,388,695 39,468,470 334,846,606 284,397,203
Refined petroleum
Gasoline, naphtha and
22,587,205 19,695,588 181.304,408 133,197,508
other light products
7,488,379 65,179,425 54,985,693
12,114,656
Illuminating oils
3,420,229 28,786,483 33,473,223
4,282.711
Gas and fuel oils
Lubricating oils
6,156,623 8,818,236 58,157,835 62,433.282
Other refined petroleum
46,038
products
247,500
1.418,455
307,497
1.474,343
1,412,931 12,420,371 11,563,848
Paraffine wax
4.415.757 5,390,844 24,847.226 29,139,453
Anthracite coal
16,702.226 7,847,715 66,942,093 43,842,329
Bituminous coal
482.403 4,818,299 3,720,275
524,081
Coke
in Price of Bituminous Coal and
Anthracite Continues-Output Good.
Temporary unevenness in demand, for which weather
conditions largely were responsible, accentuated sectional
variations in the bituminous coal markets of the country
last week. Heavy rains in the Middle West have so interfered
with transportation that a slowing up in ordering has been
noticeable in Illinois and Indiana, said the "Coal Age" in its
Sept.30summary of trade conditions. Summer temperatures
held back business in the Southwest and Intermountain
states. Frost in the air, on the other hand, quickened buying
in the Northwest. The cold wave that later hit the country
came too late last week to be reflected in market developments in the Middle West, continued the "Age," as it
furnished the following details of market events:
In the East export buying was still the dominating Influence in shaping
Slow
Advance
the course of the markets. Spot tonnage of the higher grade sows Is scarce
mendable anticipation of conditions as they exist at this time.
The circumstances in some parts of Illinois and Indiana due to rain and
flood have caused a slowing up of mine operation and business, but this
can be regarded as incidental and not expressing the general trend of affairs.
Prices for smokeless in both the Pocahontas and New River fields have
advanced. There are exceptions in the matter of demand to be noted in
some portions of the high volatile field, but taken all together there is
general good feeling in this section, and it is reported that the market in
these grades is tightening and elements of coming strength are being
exhibited.
Looking at the whole coal situation we find it carefully but critically
balanced. Production is being pushed but is hindered by labor troubles
both large and small. In some sections extreme measures are being used to
do away with old causes of stagnation. Incidental shifts of workers have
caused the absence of men where they are most needed. Nevertheless,
coal is coming to the surface in large quantities. But the demand is an
exciting problem. The American output is a large factor in the whole world
and the domestic call for fuel may at any minute become a loud cry. The
most unstable thing about coal to-day is the price at which it is quoted.l
Production of Bituminous Coal During the Month
of August.
Production of soft coal in August amounted to 46,352,000
net tons, as against 43,472,000 tons in July-a gain of
2,880,000 tons, or 6.6%, according to the data issued by
the United States Bureau of Mines. As shown by the detailed figures in the table below, increases were practically
universal. In the Northern and Midd'e Appalachian regions the average was 4.3%; in the State of West Virginia,
3%; Pennsylvamia, which was slightlY later than West
Virginia,in sharing largely in the heavy shipments to'_t,idewater, shows a gain of 7% in August; Ohio,k11%. The
OCT. 2 1926.]
THE CHRONICLE
Eastern interior region,.consisting of Illinois, Indiana and
western Kentucky, made its greatest stride of the year,
production increasing 11.6%. In the group of States immediately west of the Mississippi—Iowa, Kansas, &c.—the
rate of output remained firm, with but little improvement
over that in July. Most of the States of the Rocky Mountain group, however, record sharp increases, averaging for
the region about 15%.
ESTIMATED PRODUCTION OF SOFT COAL, BY STATES, IN AUGUST
1926 AND IN THE FIRST EIGHT MONTHS OF THE LAST THREE
CALENDAR YEARS (NET TONS).a
Total Production for;
January 1—August 31.
June
1926.6
July
1926.
August
1926.
1926.
I
1925.
1924.
Alabama
1,638,000, 1,731.000 1,780,00d 14,192.000! 13,079,000 11,967,000
Arkansas
104.0001 123,000
947,0001
128,000
828.
850.000
Colorado
592,0001 666.000 778,000 6,082,000, 5,796,000 6,372,000
Illinois
4,398,0001 4,689.000 5,310.000 43,338.000, 41,067,000 41,824,000
Indiana
1,324.000 1,394,000 1,730,000 13,554,000 13.596
13,467,000
Iowa
350,000 356,000
349,000 3,228,000 2,953,000 3,425,000
Kansas
272.000
316,000 326,000, 2,612,000 2,462,000 2.600,000
Kentucky—
East
3,764.000 3,835,000 3.826,000 28,657,000 25.555,000 22,055,000
West
1,050,000 1,052,000 1,230,000 9,299,000 6.921.
5,553.000
Maryland_ _ _ _
258,000 265,000
283,000 2,180.000 1,501,000 1,352,000
Michigan___.
20,0001
372,000
23,000
410.000
42,000
538,000
Missouri
159,0001 180,000 193,000 1,556,000 1,485.
1,545,000
Montana
139,0001 145.000
196,000 1,414,000 1,488.
1,710,000
New Mexico
215,0001 214,000 213,000 1,796.000 1.547,000 1,762,000
North Dakota
60,0001
598,000
71.000
61.000
600
688.000
Ohio
1,814.000 1,842,000 2,056.000 17,251.00 15,628,000 19.590,000
Oklahoma__ _ _
146,000
168,000 1,384.000 1,377,000 1,455,000
169.000
Pennsylvania_ 10.731.00011,271.00012,006.000 94,345,000 86.457,000 85,200.000
Tennessee
430,0001 455,000 477,000 3,750,000 3,711,000 2,811.000
Texas
71.0001
83,000
599.000
547,000 . 723.000
89.000
Utah
391,0001 331,000
374,000 2,733,000 2.707.000 2.710,000
Virginia
1.087.0001 1.116.000 1,127.000 8,646,000 7,914,000 6,811.000
Washington__
164.000
191,000 1,477.000 1.446.000 1.673,000
168,000
West Virginia 12,424,000 12,554.000 12,905,000 93,267,000 76,355.000 63,681,000
Wyoming__
378,000 428,000 495.000 3,984,000 3,858,000 3,994,000
Other States_c
9,000
9,000
9,000
69,000
173,000
63,000
I
1
Total
41.992,00043,472,00046.352,000 357.330.000319.351.000304.529.000
a Figures for 1924 are final; for 1925 and 1926 subject to revision. b Revised.
C This group is not strictly comparable in the three years.
Full Time Week Restores Production Schedules in
Bituminous Coal and Anthracite Fields.
With a gain of 1,185,000 tons of bituminous coal and of
313,000 tons of anthracite reported for the week ended
Sept. 18, in comparison with the preceding week, these two
industries had apparently recovered from the slump in production caused by the observance of Labor Day, according
to the detailed statistics furnished by the United States
Bureau of Mines and quoted in part herewith:
Production of soft coal during the week ended Sept. 18, including lignite
and coal coked at the mines, is estimated at 11.442,000 net tons. This
represents an increase of 1,185,000 tons over the output in the preceding
holiday week and sets a new high record for the present coal year.
Estimated United States Production of Bituminous Coal (Net Tons). a
1926
1925
Week.
Cal. Yr. to Date.
Week. ( Cal. Yr. to Dateb
Sept. 4
11.015.000
364.523,000
10,827,000
326,125,000
Daily average
1,836.000
1,805.000
1,742,000
1,559,000
Sept. Il_c
10.257.000
374.779,000
9,983,000
336,108,000
Daily average.__ _ 1.899,000
1,746,000
1,849,000
1,566.000
Sept. I8.d
11,442,000
386,222,000
10,880.000
346,988,000
Daily average.... 1,907,000
1,813,000
1,750,000
1,573,000
a Original estimates corrected for usual error which in past has averaged 2%•
b Minus one day's production first week in January to equalize number
in
of
the two years. c Revised since last report. d Subject to revision. . days
Total production of bituminous coal during the calendar year 1926 tO
Sept. 18 (approximately 221 working days) amounts to 386,222,000 net
tons. Figures for corresponding periods in other recent years are given
below:
1920
386,970,000 net tons
1923
407,527,000 net tons
1921
285.280,000 net tons
1924
326,852,000 net tone
1922
264,053,000 net tons
1925
346,988,000 net tons
ANTHRACITE.
Production of anthracite during the week ended Sept. 18 is estimated
at 2.003.000 net tons, a gain of 313,000 tons over the output in the
preceding
5-day week. The daily rate of output was slightly lower than in the
holiday week.
1699
Estimated United States Production of Anthracite (Net Tons).
1926-1925
-Week.
Cal. Yr. to Date.
Cal. Yr. to Date.*
Week.
Sept. 4
1,951.000
61,288.000
54,194.000
434,000
Sept. 11
1,690.000
61.233.000
55,884.000
5.000
Sept. 18
2 003,000
61,242,000
9,000
57,887.000
a Minus one days' production in January to equalize number of days n the
two years.
BEEHIVE CORE.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1925
1926
Sept.18'26b Sept. 11'26c Sept. 19 '25 to Date.
to Dawn
Pennsylvania & Ohio
160,000
150.000
135,000 7,048,000 5,213,000
West Virginia
16,000
15,000
434,000
11,000
549,000
Ala., Ky., Tenn.& Ga
8.000
5,000
655.000
12,000
487.000
Virginia
7.000
6.000
255.000
6,000
263.000
Colorado & New Mexico— 4,000
4,000
172.000
190,000
4.000
Washington at Utah
2,000
2,000
142,000
125.000
3.000
United States total
Daily average
197.000
33,000
182,000
30,000
171,000 8,662.000 6,871.000
31,000
40,000
29,000
a Adjusted to make comparable the number of days in the two years. b Subject
to revision. c Revised since last report.
Domestic Exports of Grains and Grain Products.
The Department of Commerce at Washington gave out
on Sept. 24 its monthly report on the exports of principal
grains and grain products for August and the eight months
ending with August as compared with the corresponding
periods a year ago. The total value of these exports shows
a very substahtial increase over the same month of 1925,
being $55,694,000 in August 1926 against but 831,603,000
in August 1925. Wheat exports in Angust this year were
28,995,000 bushels, as against only 7,901,000 bushels a
year ago; exports of wheat flour amounted to 1,442,000 barrels, against 874,000 barrels; rice exports 2,568,000 pounds,
against only 628,000 pounds, and corn exports 1,029,000
bushels, against 733,000 bushels. Barley, malt, oats and
rye, however, went out in smaller quantities in August 1926
as compared with August 1925. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRAIN PRODUCTS.
8 Mos. Ended August.
August
1925.
Barley
Malt
Corn
Cornmeal
Hominy
Oats
Oatmeal
Rye
Wheat
Flour
Biscuits
Macaroni
August
1926.
July
.1926.
1925.
1926.
bushels 4,564,000 1,523,000 1,386,000 12.993.000 7.520.000
dollars 4,419.000 1,185,000 1,119.000 13.095.000 5,830,000
bushels
206,000
265,000
270.000 3.532.000 2,290,000
bushels
733.000 1,029,000 1,227,000 6,173.000 17,331.000
dollars
976,000 1,080.000 7.961.000 15,305.000
912,000
barrels
32,000
29,000
33,000
203.000
274.000
pounds 2,093.000 2,287.000 2.716.000 12.292.000 18.665.000
328,000
bushels 6,104.000
817,000 17,009,000 9.783.000
177,000
dollars 3,199.000
366.000 9,180.000 4,899.000
pounds 18,593.000 13.424,000 12,496,000 84.517.000 87.688,000
628,000 2.568.000 2.016.000 28.906.000 19.391.000
pounds
93,000
32,000
dollars
85.000 1,716.000 1,003.000
314,000 2.185.000 27,382,000 8.918.000
bushels 1,009,000
317.000 2.359.000 35,928.000 9.239.000
dollars 1.211,000
bushels 7,901,000 28.995,000 16.083.000 64,390.000 72.943,000
dollars 13,430,000 41,992,000 24.020,000 115,823.000 108.600.000
874.000 1,442,000
barrels
793,000 7.425.000 6.434,000
dollars 6,559,000 9,4
:000 5,620,000 58,846.000 46,108.000
56
553000
pounds
623.000
5.684.000
340.000
pounds
599.000
3.560.000
638.000
443.000
pounds
729,000 5,775,000 5.228.000
Total value___ _dollars 31,603,000 55,694,000 36,230.000 256,943,000 202.943,000
Principal Countries of Destination and Amounts Shipped.
Barley—United Kingdom. 1.269,000; Canada. 66.000.
Malt—Canada, 47,000; Argentina. 43,000; Brazil, 41,000; Mexico, 31.000.
Corn—Canada, 388.000: Mexico, 374,000; Cuba, 190.000.
Cornmeal and Flour—Japan, 6,000; Canada, 6,000; United Kingdom. 4,000.
Hominy and Grits—United Kingdom, 778,000; Germany, 660,000; Canada;
411.000.
Oats—Cuba, 65,000; United Kingdom, 59.000: Canada, 62,000; Belgium, 52.000:
Germany, 51,000.
Oatmeal—United Kingdom. 2.765,000; Finland, 2.524,000; Netherlands, 2,535.000; Irish Free State, 1,512,000; Canada. 870.000; Belgium, 757.000
Rice—Honduras, 1,065,000; Cuba.407.000: Netherlands. 320,000: Japan, 230.000:
Haiti, 100.000.
Wheat—United Kingdom, 7,001,000; Netherlands, 6.082.000: Canada. 5,023,000;
Belgium. 2,153,000; Germany, 1,931,000; Italy, 1,494,000; Greece, 1,096.000;
Brazil, 976.000.
Flour—United Kingdom, 272,000; Netherlands, 265,000: Germany, 78.000: Denmark, 41,000. Brazil. 85,000; Cuba, 73,000; Philippines, 72,000; Kwantung. 37,000;
Hongkong. 30,000.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 29, made public by the Federal Reserve Board, and which deals with the results for the twelve
Reserve banks combined, shows increases for the week of
857,100,000 in bill and security holdings and $18,300,000 in
member bank reserve deposits, and decreases of $20,400,000
in cash reserves and $15,900,000 in Government deposits.
Holdings of discounted bills were $55,000,000 and of acceptances purchased in open market $5,200,000 above the previous week's totals, while Government securities declined
83,100,000. During the four-week period ending Sept. 29,
bill and security holdings of Federal Reserve banks increased
$95,000,000, member bank reserve deposits $25,000,000,
Government deposits $27,000,000, and Federal Reserve note
circulation $14,000,000, while cash reserves declined $29,000,000. After noting these facts, the Federal Reserve Board
proceeds as follows:
Discount holdings of the Chicago bank increased $23,700.000 during the
week, of the Boston bank $22.600,000. of New York $8,800.000 and of San
Francisco
At the St. Louis and Kansas City Reserve banks,
discount holdings declined $5.400,000 and $5,000.000, respectively. Openacceptance
holdings
increased 85,303,000 at the New York bank
market
and $3,100,000 at Boston and declined $2,300.000 each at the Atlanta and
Chicago banks. The system's holdings of Treasury notes were
below and of bonds and certificates $4,800,000 above the previous week's
totals.
Federal Reserve' note circulation changed relatively little during the
week, the Cleveland bank reporting an Increase of $2,800,000. Atlanta a
decrease of $2.300,000, and the remaining banks smaller changes.
87.100.000.
$7,900,000
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages—namely, pages 1734 and 1735. A.
1700
THE CHRONICLE
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Sept. 29 1926 is as follows:
Total res,n-ves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U.S. Govt. obligations
Other bills discounted
Bills bought in open market
U.S. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increase (-I-) or Decrease (—)
During
Week.
Year.
—$20,400,000
+$71,700,000
—18,900,000
+47,200.000
+57,100.000
+41.000,000
+55,000.000
+83,400,000
+46,900,000
+49,200,000
+8.100,000
+34,200,000
+5.200,000
+7,300,000
—3,100,000
—40,900,000
+3,900.000
—300,000
—7,900,000
—129,900,000
+900.000
+89,300,000
+400,000
+31.400,000
—1,600,000
+62,400,000
+18,300.000
+38,900,000
—15.900.000
+20.400,000
The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the FedeTal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19, it was the practice to have them ready on
Thursday of the following week, and to give them out concurrently with the report of the Reserve banks for the next
week. The Reserve authorities have not succeeded in
expediting the time of the appearance of the figures, and they
are made public the following week on Mondays instead of on
Thursdays. Under this arrangement the report for the week
ending Sept. 22 was given out after the close of business on
Monday of the present week.
The Federal Reserve Board's condition statement of 694
reporting banks in leading cities as of Sept. 22 shows reductions for the week of $57,000,000 in loans and discounts,
$34,000,000 in investments and $371,000,000 in net demand
deposits, and an increase of $86,000,000 in borrowings from
the Federal Reserve banks. Member banks in New York
City reported declines of $46,000,000 in loans and discounts,
$17,000,000 in investments and $155,000,000 in net demand
deposits, and an increase of $33,000,000 in borrowings from
the Federal Reserve bank.
Loans on stocks and bonds, including United States Government obligations, were $56,000,000 less than the previous
week's total, the principal changes including declines of
$41,000,000 in the New York district, $9,000,000 in the
Chicago district, $7,000,000 each in the Boston and Kansas
City districts., and an increase of $6,000,000 in the San
Francisco district. All other loans and discounts decreased
$1,000,000, only relatively small changes being reported for
any of the Reserve districts. Total loans to brokers and
dealers, secured by stocks and bonds, made by reporting
member banks in New York City were $58,000,000 below
the Sept. 15 total, loans for own account and for out-of-town
banks having declined $41,000,000 and $31,000,000, respectively, while loans for others increased $14,000,000. As
already noted, the figures for these member banks are always
a week behind those for the Reserve banks themselves.
The statement goes on to say:
[vol.. 123.
Inoreases(+)or Decreases(—)
During
Week.
Year.
Loans and discounts, total
—$57,000,000 +$627,000.000
Secured by U. S. Government obligations —12,000,000
—34.000.000
Secured by stocks and bonds
—44,000,000 +404,000,000
All other
—1.000.000 +257.000,000
Investments, total
—34,000,000 +205.000.000
U. S. securities
—30,000,000
+7.000.000
Other bonds, stocks and securities
—4.000.000 +198,000.000
Reserve balances with Fed. Res. banks
—109,000,000
+10,000.000
Cash in vault
—5,000.000
—5,009.000
Net demand deposits
—371,000,000 +139,000.000
Time deposits
—21.000,000 +473.000,000
Government deposits
+1,000,000 +115.000,000
Total borrowings from Fed. Res. banks_ __ _ +86,000,000
+1,000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commerce at Wasihngton releases
for publication to-day (Oct. 2) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
CANADA.
Wintry weather in the Prairie Provinces and abnormally high charter
rates from Montreal are seriously affecting the threshing and the exportation of Canada's large wheat crop, according to Canadian reports. Manitoba farmers are reported by the Provincial Department of Agriculture to
have suffered a loss of $12,000,000 and in Alberta the damage has been
even larger. Saskatchewan, the principal wheat producing Province, has
fared better. The diversion of cargo steamers to the coal-carrying trade
between American and British ports has forced ocean rates on grain from
Montreal to 25 cents per 100 pounds, although liner space is quoted at
from 18 to 21 cents. The current export demand for Canadian wheat is
better from the Continent than from the United Kingdom, and a number
of liners are being diverted to Hamburg. It is estimated in Canada that
about 230,000,000 bushels will be available for @sport from the 1926 crop.
The commercial apple crop is now estimated officially at 2,771,900 barrels,
about 4% under that of 1925. Nova Scotia's first export shipment of
the new crop was made Sept. 10. A general advance of 15% in freight
rates (which does not apply, however, to grain, flour and cattle) from
Canadian ports to the United Kingdom was announced Sept. 23 by the
Trans-Atlantic Steamship Conference.
Wholesale and retail business
throughout Canada is generally good, although delay in harvesting operations having an unfavorable effect in parts of the West.
GREAT BRITAIN.
A Board of Trade committee has been appointed under the provisions
of the Safeguarding of Industries Act to inquire into an application from
local industries for the imposition of protection duty on the importation
of the following named articles: Light leather bags and similar receptacles
including those of materials made to resemble leather; metal frames, and
locks and clasps for bags and other receptacles.
ITALY.
The rapid decline in security prices, which began with the announcement of Government measures to strengthen the lira, has caused considerable anxiety in business circles, and the curtailment of credit by the Bank
of Italy is also causing some uneasiness. Despite the reassurances of the
Finance Minister and the continuance of activity in the major industries of
the country, public confidence in the situation is impaired.
CZECHOSLOVAKIA.
The Prague Sample Fair which took place during the last week of
August had a considerable attendance, the American pavilion containing
73 different American products attracting a great deal of attention. Of
particular interest were the displays by France and Brazil. Commercial
treaty negotiations between Hungary and Czechoslovakia have been resumed and it is understood that a large list of products have been sub.
mitted by the Hungarians, who are demanding reductions on these. It is
possible that negotiations will last until the conclusion of the trade agreement now effective until Dec. 81.
DENMARK.
A small reduction in unemployment and somewhat higher activity
during August reflected a very slight improvement in Danish industrial
conditions. There has, however, been no basic improvement in the industrial and commercial fields and, consequently, they are still in a state of
depression. No definite improvement is as yet anticipated in Denmark.
NORWAY.
Current business conditions in Norway are depressed, the labor and isdustrial situation is in general disturbed and, consequently, the immediate
outlook is not on the whole encouraging. Fundamental improvement is
nevertheless taking place through slowly progressing industrial and financial reconstruction.
ESTHONIA.
Discussions regarding the elaboration of a new customs tariff with maxi.
mum and minimum rates were held by the Ministry of Trade and Industry,
the Chamber of Commerce and other organizations. The inability of the
British contractor to complete deliveries of rails for the Eidaperre line
compelled the Government to contract in Germany for the required amount
to complete the work before fall. The first shipment of 1,000 tons of
rails from the Rhine left Rotterdam on Sept. 15.
Holdings of United States Government securities declined $30,000,000,
of which $7,000,000 was in the New York district and $6.000.000 each in
the Chicago and Minneapolis districts. Holdings of other bonds, stocks
and securities fell off $4,000,000. the larger decline of $13,000,000 reported
by banks in the New York district being offset in part by small increases
in the Boston, Cleveland and Kansas City districts.
LATVIA.
Net demand deposits were $371,000,000 less than on Sept. 15, reductions
being reported for all districts. The principal reductions by districts were
The budget for 1927-28 as submitted to the Cabinet of Ministers is balas follows: New York, $173,000,000; Chicago, $79,000,000; San Francisco, anced at 155,000,000 lath and shows a reduction of 10,000,000 hits over
$27,000,000; Cleveland, $22,000,000; St. Louis, $20.000.000; Kansas City, that of the current year. The Riga City Government has placed an order
$16.000,000, and Atlanta, $11,000,000.
with the well-known German firm "A. E. G.," for one turbo-generator of
Borrowings from the Federal Reserve banks were $86,000,000 above the 10,000 kilowatt capacity. The inability of the Russians to furnish
acceptprevious week's total. Increases of $39,000,000 were reported by banks able securities has resulted in the refusal by the Bank of Latvia to quote
In the New York district, $15.000,000 in the Chicago district, $14,000.000 the czervonetz on the Riga Exchange.
in the St. Louis district and $11,000,000 in the San Francisco district.
FINLAND.
On a subsequent page—that is, on page 1735—we give the
Finnish conditions continue to show improvement, especially with refigures in full contained in this latest weekly return of the gard to the lumber industry, which, during the first week of September,
member banks of the Reserve System. In the following is has shown strength and a slight rise in prices. The paper market has
been satisfactory, although prices are somewhat low, but the recent confurnished a summary of the changes in the principal items clusion
of a contract with Russia for 16,000 tens of paper, however, will
as compared with a week ago and with last year:
act as a regulator in the Finnish paper business.
OCT. 2 1926.]
THE CHRONICLE
1701
sales, with the exception of medium-priced cars, which are still slow. The
clothing business remained dull, but diversions, such as motion pictures,
restaurants. etc., are doing better. The market for tractors and agricultural implements continues on the increase. Business in the Yucatan Peninsula Is stagnant on account of the lack of henequen sales. Unusually heavy
rains In central, northern and western Mexico make communication difficult. The value of the minerals produced during the first six months of
this year is 16% greater than for the same period last year. The domestic
textile mills are curtailing production. Work on the irrigation program
is proceeding, projects in the States of Aguascalientes and Tamaaulipas
having been definitely approved.
GUATEMALA.
General conditions in Guatemala show improvement. Trade, however,
continues slack. Collections are slow but not considered bad. Money continues tight. Merchants are still overstocks and some of the larger companies are not paying drafts promptly. The coffee market is inactive, no
requests for options having been made this month. The average price for
coffee has dropped one cent a pound below the August average. The Hamburg market seems to manifest no interest in Guatemala coffee. The crop
of coffee is one month later than usual. It is believed in Guatemala that
the sugar clop will be larger than that for the year 1925. The grasshopper
pest continues to be a serious menace.
SALA VADOR.
Almost all lines showed increased activity toward the latter part of
September. Imports and exports decreased as compared with the same
period in August, but imports are well above normal for this time of the
year. Considerable orders for flour were placed on receipt of the opening
prices for the new Pacific coast crop. Coffee prices were weak all month
and declined sharply during the last few days, with no buyers. It is estimated in Salvador that at the end of August there remained to be shipped
from Salvador approximately 80,000 bags of 150 pounds each, practically
all unwashed. The estimate for the coming season is placed at about
SYRIA.
500,000 bags, which is 85% normal. The 1925-26 crop approximating
Uncertainty of the economic situation has resulted in an increase in 700,000 bags was the largest in the history of the country.
emigration, particularly of tile Armenian population. The fluctuations in
COSTA RICA.
Syrian currency have resulted In the introduction of the custom of fixing
prices in Egyptian pounds or dollars, and collecting payments at the curTrade in Costa Rica was more depressed in September than in the preceding month, due to seasonal dulness. Over-trading continued. Howrent rate of the day.
ARGENTINA.
ever, the banks report that foreign collections continue to be satisfactory.
seasonal inactivity.
Seasonal dulness 'characterized Argentine trade during the month of Custom receipts fell off very slightly, due probably to
that the
September. Commercial failures continued heavy and caution is still ex- Coffee picking has begun on the Atlantic seaboard with reports
ercised in the granting of credit. Improved crop prospects have, however, crop will be small in that section of the country.
created a more optimistic outlook for the future. The new wheat crop is
PORTO RICO.
unusually advanced, although somewhat affected by pests, and winter
indication of the seasonal quickening of business in Porto Rico
first
The
pasturage is in excellent condition.
is apparent as merchants are placing orders for the holiday and winter
BRAZIL.
trade, and the general level of business during September was slightly
General conditions in Brazil remain without appreciable improvement. above that of 1925.
HAITI. s
Prolonged depression of local industries is causing many banks to dis.
continue further support of doubtful firms. Commercial associations are
Weather conditions in Haiti are favorable to the coffee crop, which is
view
In
laws,
bankruptcy
of
passage
the Senate bill revising the
urging
coming in early. The crop is of good quality and is bringing satisfactory
of the frequent alleged fraudulent failures. September failures included prices and the local estimate of the yield is placed at 30,000,000 kilograms,
several Important concerns.
or about 6,000,000 less than that of the preceding year. Sisal culture is
CHILE.
being encouraged by an American company, which has just signed an agreeThere was an upward basic trend noticeable in Chilean trade during ment leasing 20,000 acres. Another American company is planning an
the month of September. Greater attention to advertising and feature extensive crop development of the Artbonite Valley. The financial posisales are resulting in somewhat better business for the small merchants. tion of the Government continues strong. An increase in imports of cotton
goods is noted.
Bank collections are normal and commercial failures Insignificant.
DOMINICAN REPUBLIC.
PERU.
and a general dulness in business were the principal
depression
Seasonal
The generally depressed business conditions which have existed in Peru
characteristics of the commercial situation In the southern Provinces of the
in recent months continued throughout the month of September. The relief
Dominican Republic during August. Imports were large. and exceeded
ofb•red by a Alight rise in sugar prices was offset by a drop in cotton prices.
those for the same period of last year. These were made up largely of
Practically all lines of merchandise are well stocked. The movement of gasoline and general renewals for depleted stocks in preparation for the
exchange during tile month was erratic; quotations on Sept. 25 varied
and the holiday buying. It is reported that merchants
ew foreign active fall demand
betweeti $3 St) and 89 85, as compared with $3 88 on Aug. 28.
in all parts of the country are overstocked. Bank collections for the
bills are available. Agricultural and industrial loan banks have been entire
country are sub-normal and there has been aka increase in the requests
proposed as a means of relievibg the present situation, but as yet no definite for credit extensions, but the banks remain tight as formerly. Retail
decision has been reached.
trade was dull and merchants report poor collections in the country disBOLIVIA.
tricts. Exports were very light and confined principally to such minor
There was a marked improvement in business in Bolivia during Septem- crops as corn and beans. The Public Works program is quiet, but private
ber, directly traceable to prosperity In the mining industry. The recent construction of dwellings in Santo liomingo City has been active.
severe depression had a restraining effect on mercantile business in La Paz
JAMAICA.
with a result that banks are still restricting credita and merchants are
• General economic conditions in Jamaica during September show indicaoperating with precaution.
tions of improvement over August Bank collections are better and the
URUGUAY.
revenues
The commercial situation Is quiet in Uruguay. but conditions are Burn. Government financial condition shows distinct improvement, with
ciently good to expect an improvernerit during the coming spring. Weather exceeding•expenditures by a fair margin.
CHINA.
conditions now ire favorah'e to agricultural altd grazing industries, and
prospects are good for another excellent wool crop of not under 115,000
Import business throughout central China is being adversely affected by
bales.
the civil warfare In the Yangtze Valley and the continued decline in silver
COLOMBIA.
exchange. The favorable effect on low silver exchange is partially offset
The Magdalena River Is very low and navigation is almost suspended on by the difficulty of securing supplies from the interior and the resulting
both the upper and lower rtvers. Five boats are grounded just below the hgfh prices for many commodities. The leading Shanghai imports markets
important river transfer point of Puerto Berrio. Freight congestion is aer dull, particularly iron and steel, piece goods, automobiles and paper.
acute at the Pacific port of Buenaventura and on the Pacific Railroad The lumber market is reported as normal. July machinery imports into
which operates from that place. rhe price of foodstuff essentials In' Shanghai increased about 12% compared with the previous month.
Bogota is going down. The Government is not buying many supplies,
The export markets show some iniprovement in demand. although in most
otherwise busioess is fair. Merchants are hesitant in placing orders for cases actual business is restricted by the prevailing high prices. Declared
new merchandise on account of the transportation problem and for fear exports from all China to the United States during the first seven months
Christmas goods would arrive too late.
of this year totaled United States $80,080,000, against 8101,825,000 for the
same period of 1925.
VENZUELA.
JAPAN.
With the exception of the Ciudad Bolivar region, business conditions and
Preliminary totals of Japan's foreign trade for the second ten days of
prospects are good. Coffee prices are good and cacao which was on hand
50.7110,000 yen
at the end of August has been shipped. Automobile trade is brisk. Tin- September show exports of 47,000,000 yen and imports of
ports lido the port of La Guaira were greater than for the sante period of (the yen equals 80.486 at current exchange). This unseasonable adverse
last year. Nearly three millioti barrels of petroleum were shipped through balance is attributed to the growing depression in the cotton yarn and
the port of NI a raca ibo during the month. However, business is poor in textile hidostries and to low prices for raw silk. The Japanese 11Mister
Ciudad hut sr. the centre of the balata and cattle districts. Foreign of Finance has announced that the Government has no present intention
prices for bats ti are reported to Ave less limn cost of production, hut the of removing the embargo on the export of gold, despite repeated rumors
price of cattle has slightly risen. being reflected in some improvement in to the contra-y.
the trade conditions along the Upper Orinoco ltiver.
The final jute forecast which has Just been issued by the Indian GovernBRITIsil BUIANA..
ment places the outturn from the present crop at 10.888,000 bales, as cornGeneral conditions in British Guiana are slowly improving and retail pared with 8,8ion.o00 bales last year and a previous record of 9,700.000
business was slightly looter hi September than in August, when sales were bales. The market has fluctuated a little as a result of this final foreveo ..low
Prices lir meats and foodstuffs are returning to normal after cast, due probably to the fact that It .liffers little from previous estimates.
a period if temporary high levels due to shortages caused by the
drought. The jute trade in Calcutta anticipates slightly lower price levels, as it Ii
Att excellent rice crop is now forecast as a result of favorable weather thought
that the actual yield will be somewhat larger than the Government
cuuiuhit lulls.
estimate. Arrivals of jute are still somewhat lower than they were at
MEXICO.
this time last year.
There WAS a ....moat improvement during the month of September over
PHILIPPINE ISLANDS.
that of August, lout the turnover of goods was slightly under the same
The Philippine copra market continued slow during the past week due
period of ast year. Considerable improvement was shown in automobile to unusually heavy arrivals at Manila and a weak oil market in the United
POLAND.
situation
The general improvement in the l'ulish economic and financial
continues. Increased activity in the textile industry has spread front the
Tomaszow.
of
districts
other
main cotton textile district of Lodz to the
hand a brisk
Bielsk and Bialystock. Due to the greatly depleted stocks on
demand for goods is noticeable on the domestic market as well as for
export. The re% hal in milling and metallurgical industries is expanding.
especially in the coal industry, on account of the continuing demand for
Polish coal abroad as a result of the British coal situation.
GREECE.
There is as yet no change in the general economic situation. TwO
favorable elements iti the situation are the facts that the retail price of
bread has been reduced by .50 drachmas per kilo, and that the receipts of
the tobacco monopoly during August 1926 totaled 40,000,000 drachmas
more than during August 1925,
RUMANIA.
The export trade in Rumania's most important items—grain, oil and
remained
dull. This le especially felt in grain exports, which
lumber—has
normally show considerable activity at this time of the year. Oil and
lumber also Mews a marked slump in exports. The oil companies are
espeeitiPy hard hit hy the export taxes on refined products, while export
prices are now the lowest for the last twelve months.
PALESTINE.
The cost of living is somewhat decreasing, not only in retail prices but
In rents. The official index of prices showed a decided downward trend
In the first months of 1026, but a slight increase during the summer. The
growing importance of Haifa as the second port of Palestine is shown by
newly published stataistics, which placed the total trade of Jaffa at imports, £4,123,000, avid exports, X865,000, and the total trade for Haifa
at, imports, £1,952,000 and exports at E209,000.
1702
THE CHRONICLE
Staten. au on nulls are operating and are heavily over-stocked. The
price tendency is still downward, with the present provincial equivalent of
resecado (dried copra) delivered at Manila from 12 to 12.25 pesos per
picul of 39 pounds (1 peso equals $0.50). Trading on the abaca market is
light, with inactive foreign demand. Buyers are holding off, and price quotations are only nominal. Grade F is quoted at 37 pesos per picul ; I,
33.50; JJS, 26.50; JUR, 21; JUS 16; and LUK, 15. Exports of leaf
tobacco are steadily increasing as a result of the continued strike among
cigar factory workers.
AUSTRALIA.
Wool sales at Sydney continue firm at averages well above those prevailing at June sales. A fine selection was offered at the Porth opening
to a large attendance, and prices ranged from 5 to 10% above June sales.
Wheat continued idle, but arrangements have already been made for shipments approximating 500,000 bushels of next season's crop. The States
Road Bill, which provides for Federal collection of duty on imports of
gasoline, the yield of which is to be distributed for roadbuilding, is being
contested by the State of Victoria on the ground of unconstitutionality. An
Injunction is being sought in the courts by that State to prevent the Commonwealh's distribution of funds collected under the terms of the bill.
Gold and Silver Imported Into and Exported From
the United States, by Countries, in August.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of August 1926. The gold exports reached $29,743,113.
The imports were $11,978,690, the bulk of which,$9,732,000,
came from Australia, and $614,611 from Canada. Of the
exports of the metal, $20,195,031 went to Germany and
$80,460,041 to Canada.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES. BY COUNTRIES.
Gold.
Total.
Exports.
Imports.
Silver.
Refined Bullion.
Exports.
Total (Includes Coin).
Imports.
[Voi. 123.
mous, neculators started to sell the metal in large volume, and this selling
has now reached world-wide proportion.
The London office of the bank, acting under instructions
from the board of the bank in Paris, was announced as having been closed in a copyright cablegram from London to the
New York "Times" Sept. 26. Paris advices to the same
paper Sept. 30 (copyright) said.
The Paris headquarters of the Russo-Asiatic Bank to-day . sserts that
the difficulties encountered by the Shanghai institution are not due to the
financial position of the Bank, where the assets are listed at 2,000.000 taels
(about $1.300,000) more than the liabilities, with the doubtful assets, such
as customs concessions, Manchurian railways and Boxer indemnity funds,
listed at zero.
The re ent failure is alleged to be due t the fact that the Soviet Government nationalized the shares of the Bank lo ated at Russian branches. It
is likewise asserted that the American debtors of the Bank refuse to pay
their debts on the ground that the Soviets confiscated their shares, while,
on the other hand, rulings of American courts, It Is said, oblige the Bank
to continue to pay its American creditors.
In the case of certain transactions with English banks the Russo-Asiatic
Bank has obtained a moratorium.
French shareholders, as well as Belgians and others of various nationalities. have endeavored at various times to reorganize the Bank by making
It a French organization, but these plans failed in v ew of the impossibility
of causing a legal meetirg of the shareholders, because two-thirds of the
shares are now held by the Soviets Furthermore, it is alleged that various
Russian directors of the Bank, refugees from the Soviet regime, have
attempted to conduc a reorganization at various times without obtaining
sufficient evidence to permit shareholders' meetings to prove to French
C mrts their right to the nationalized shares and therefore the right to
modify the statutes of the Bank.
For these reasons, it was decided to wind up the business and have a
receiver appointed prior to reorganization at a future date. the French
and Belgian groups having expressed a willingness to enlist sufficient new
capital to constitute a new organization.
It is de-dared here that the Bank's business is one of the most tangled
affairs of recent years. the closing down of the main Shanghai Bank having
been foil wed by the closing of the Paris and London branches.
The Bank owned the Chinese Eastern Railway in Manchuria, built by
the Russian financier Witte and the Russian Government and worth at
least 1.000,000,0 0 gold rubles, according to estimated
The value of the railway is expected to diminish when ths Japanese
conv let° their network of Manchurian railways now in building.
The railway, together with its rolling stock, repair plants and merchandise
In tilt: sit, was requisitioned wholesale by Chang Tso-lin,the Chinese dictator
of Manchuria.
American. English and Japanese capital also is invested in a large degree
in this railway, further complicating matters.
Latest reports i Paris indicate that the French Finance Ministry is
taking the French sharehrlders in the attempt to reorg nize the Bank
after the receivership has clarified the accounts, and in renaming the institution the Franco-Asiatic Bank, with a legal French nationality.
Exports. Imports.
$
Ounces.
$
CountriesOunces.
$
$
Bulgaria
8.829
20,195.031
Germany
1.329.770
823.841
2.000
Gibraltar
•
1.850
393
Irish Free State
21,598
374
Italy
757
Poland and
Danzig
5.243
Portugal
1.837
Spain
8.200
16.968
UnitedRIngd'm
219,374
4.000
137,700
3.208
Canada
8.046.041
614.611
61.839
1.723
115,037 805.461
Costa Rica_
6.951
60.045
4.586
Guatemala..._.
30.000
8.820
700
Honduras
66.745
3.549
78.467 Further Decline in Silver-Silver Producers to Appeal
Nicaragua.
38.692
72
1.970
Panama
8.200
163.669
to President Coolidge to Intervene in Sale of
1013.477
Mexico
414.255
547.836
2,730,604
162.720 3,310.444
Indian Silver.
Bermuda
529
Other British._
The decline in silver noted in these columns last week (page
West Indies.
550
5.338
Cuba
746
210
17.914 1573) has continued the present week, a sharp break on Sept.
Haitian Ref.33.326
Argentina
7,100
29, after declines earlier in the week, bringing the prices to
3.641
Bolivia
Brazil
13,000
new low records. Calling attention to this, the New York
Chile
52.963
280,840 "Times" said.
Colombia
153.037
5.297
517
3.394
4,911
Ecuador
104;770
1.861
The metal fell 9-16d in London to the lowest price since 1915. and in
Dutch Guiana_
603
New York
cent to the lowest in six years. In this city the price quoted
Peru
167.206
1,190.981
Venezuela.
was 573ic an ounce and in London 26 7-16d per ounce. Chinese unload64.519
53.901
British India.
2.914.283
1.826.231
ing was again blamed for the drop.
430.243
British Malaya
The red cause for the falling market, however, is said in some quarters
China
7,718.682
4,905,398
to
lie in the proposal to place British India on a quasi gold basis.
242,000
lava .if Madur
106.448
75,406
372.543
Hongkong _ ___
'The masses in India." said one official lately returned from an inspection
268,116
Philippine hada
1,976 of his company's prorerty in Nevada, "have so long been accustomed to
tustralla
9,732.000
silver money that no substitute can displace R. The nettles are loath to
Sew Zealand_
16,579
18
5,420
3rit. So. Africa
7.279 accedt either gold coin or paper money. Silver is more bulky than gold,
2.780
?ortug. E. Al.
3.084 and some of the natives are unable to realize when they see a pile of silver
money that a few gold coins represent the same amount of wealth. So I
- ._.
S
..rel41 a,
I g 0.! 0.000,54T4
0,1187,820 am convinced that whatever the financiers of London may think, they
will not attempt to force their theories on India. Failing in this, there
should be a rebound in the market value of the metal."
Return from Europe of Thomas Cochran and George F.
"News Bureau" in a cablegram from
The New
York
the
Baker Jr.
Central News, London, Sept. 30, said.
Thomas Cochran of J. P. Morgan & Co. and George F.. Bar silver quotations to-day were: Spot, 263.d.; forward, 26Xd., both
Baker Jr. were among the passengers on the White Star off 5-16d. These are the lowest prices reached in many years.
Liner Olympic, which reached New York Sept. 28.
The London price yesterday recovered to 26%d. As to
a possible appeal to President Coolidge to intervene in stayClosing of Russo-Asiatic Bank in Shanghai-Suspen- ing the proposed sale of Indian silver, the New York "Sun"
last night (Oct. 1) stated.
sion Attributed to Decline in Silver-French RePresident Coolidge may be asked in the near future by the American
ported as Seeking to Reorganize Bank.
Mining Congress, Western division, to begin diplomatic conversations with
Announcement that the Russo-Asiatic Bank had gone into Great Britain with a view to requesting India not to sell 700,000,000
ounces
• voluntary liquidation and was closing its offices pending the Of silver reserve over a period of ten years as recommended by the Indian
according
to
Commission,
Currency
press
dispatches
from
Washington
appointment of a receiver was contained in Associated Press to-day. A resolution asking dipolmatic conversations
was passed by the
accounts from Shanghai (China) Sept. 26. United Press Mining Congress convention recently assembled at Denver.
Mining
The
Congress
is
that
the
that
position of
Indian dumping would depress
advices from Shanghai Sept. 27 stated
financial men atprice of silver and thereby add to the price of copper, lead and zinc, of
tributed the cause to speculation in Japanese yen. The the
which silver is a by-product. It would also drain to India a large part of
Wall Street "News" of Sept. 28 stated that the closing of the the world's gold supply.
Representatives of American mining companies in this city to-day,
doors of the bank was the sequel of a protracted decline in
however. declared that they did not sympathize with the views of the Mining
the bar silver market, and was the immediate cause on Sept. Congress.
that they did not favor requesting the President's aid in the
27 of a completely unsettled market for that metal, adding.
matter of sliver prices, and that diplomatic representations would,in their
In London Miser sold at 27d. per ounce. the lowest point reached since
March 1916. In New York the white metal tumbled 1 lie. to 58c. an ounce,
the I•Avest in many years. The present decline began some months back,
when the British Commission for India Currency Reform recommended the
placing of the rupee on a gold basis and the gradual reduction of sliver reserve over a period of ten years. In China, where silver stocks are enor-
opinion, be a foolish gesture utterly barren of results.
It is pointed out that, in the first place foreign countries have no special
interest In the question as to bow the price of silver hits American mines,
and in the second place that the Government of India is the sole arbiter of
lndia's action, which will come up for decision in the Indian Parliament
some time next February. The British Government could merely forward
Om 2 1926.]
THE CHRONICLE
1703
a note from the United States to India for the latter's attention and politely French and foreign gold. The Associated Press accounts
acknowledge receipt of it.
from Paris on Sept. 28 stated:
In silver mining circles attention was called to the recent statement given
George E. Roberts, Vice-President of the National City
Bank,in which that authority pointed out that the recommendations of the
Currency
Commission
greatly modified the original plan put before
Indian
India to establish a gold reserve by the sale of 700,000.000 ounces of silver.
Under the modified plan it will be necessary to sell only about 250,000,000,
ounces over a period of ten years, and it is highly probable that, unless
native Indians lose confidence in the white metal, the Indian Government
will find its chief market for the 250,000,000 ounces among its own people.
to "the Sun" by
The amounts exchanged were mostly small. Men in blouses and women
in aprons predominated in the lines in front of the Paris branches of the
Bank of France, while pesaants in overalls and blouses were most numerous
in provincial towns.
Rough estimates made in financial quarters were that 10.000 Persons
must have exchanged gold and silver for paper. It was estimated that
the total must have run above 1,000.000 francs in gold, for which the
bank gave paper at the rate of 5.70 for one gold franc, and from two to
three hundred thousand francs in silver, for Which the bank paid at the
rate of 2.40.
Dollars, pounds and florins also were exchanged
The purchase by the Bank of France of metal currency was authorized
by recent financial legislation designed to strengthen the French franc
The Bank of France is buying the metal at a rate approximating its exchange
value. Hitherto the French 20-franc gold piece has teen exchangeable
only against 20 paper francs, whereas its present intrinsic value is far
greater. It is estimated that there are $375,000,003 worth of gold coins
hidden in France.
British Hold Centenary of Joint-Stock Banking—
Present System Only 100 Years Old—No Private
Institutions Remain, Except Bank of
England.
•
The following, written for the New York "Evening Post"
from London, by Herbert N. Casson, appeared in the Sept.
The accounts of the third day as reported in a cablegram
13 issue of the 'Post":
(convright) to the New York "Times" said:
This year the British banking system celebrates the centenary of the
Banking Act, by which the present system of joint stock banking was
established. It is a striking fact, not generally realized either in Britain
or elsewhere, that the present banking system of the British Isles is barely
100 years old.
In 1826 there were 554 private banks in Britain. To-day there are yir.
tually none. There has been a complete revolution in British banking in
less than three generations.
To-day the London money market consists mainly of five big joint stock
banks, which are centred around the Bank of England.
There are three large discount houses and several small independent
banks, but the vast bulk of the financial traffic passes through the five big
joint stock banks.
Large Deposits of Banks.
•
The deposits of these banks, at present, are as follows'
Midland
$1,750,000,000
1,680,000,000
Lloyds
Barclay's
1,520,000,000
Westminster
1.350,000,000
National Provincial
1,275,000,000
These billion-dollar banks with 9,000 branches in all parts of Great
Britain give a remarkably efficient banking service to the British people.
In general, the main features of British banking are concentration of
resources and decentralization of operation. Stability above all else—that
Is the British idea. Then, once stability is assured, comes elasticity and
freedom.
British banks are not dominated by any Government department, as most
banks in other countries are. There is no Federal control—no red tape—
no political coercion.
British bank, manage themselves. If changes are made in the laws that
regulate banking, the amendments are drawn up by bankers, not by lawyers
or Government officials.
Banking System is Automatic.
The British banking system is neither local nor personal. It is an almost
system
that
automatic
moves along smoothly while individual bankers
come and go.
British banks are not based on the prosperity of a trade or a city. They
can balance one trade and one city against another because of their widespread branches. This is one of the results of the process of amalgamation,
which began during the war.
There is a sharp competition between the "Big Five" banks. Tbere is
no money trust. If a borrower is not pleased with one of the banks, he
may go to another and receive more liberal terms.
The banks are, at the same time, linked together by the Bank of England, which is a banker's bank mainly. The old Bank of England, which
Is now 282 years old, is the hub of the banking wheel. It is really more
of a financial barometer than a bank. It insures stability.
"The Return" Out Each Thursday.
Every Thursday, precisely at 2 o'clock, a little sheet of paper is given
out by the Chief Cashier of the Bank of England. It is called "The Return." It gives the present situation of the Bank and indicates any changes
for better or worse that have occurred during the week.
It regulates the flow of money. It prevents any undue inflation or deflation. In the last eight years it has deflated rather drastically, in order
to maintain the rate of exchange. But it is supposed to act in such matters
in accordance with the opinions of the joint stock banks and the Government
The father of joint stock banking in Britain was an Irish banker named
Thomas Joplin. He was also the author of the policy of the Bank of England in lending money freely during a panic.
It was Joplin, too, who worked out a compromise between the new banks
and the old, as there was much opposition at first to joint stock banks.
Early Opposition by 0.her Banks.
They were kept out of the Clearing House by the influence of the Bank
of England. Their notes were refused. For the first eighteen years, in
fact, they were treated as upstarts and trespassers. Both the Bank of England and the hunflreds of private banks were against them.
Most of the joint stock banks were founded by Quakers. Two of these
Quakers, Friend Lloyd and Friend Barclay, founded two of the largest
joint stock banks in Britain.
In 1844 the joint stock banks were fully recognized by the other banks
of Great Britain, and to-day they have swallowed them all, with the sole
exception of the historical old Bank of England, which still remains, although it is more of a financial function than it is a bank.
At the end of 100 years the British joint stock banks find themselves in
complete possession of the field.
The people of France have sold more than 100,000.000 francs worth of
gold and silver to the Bank of France during the last three days.
To-day was the biggest day of all. A long line of men and women and
a few children began to form as early as 6:30 o'clock this morning before the
doors of the Bank of France and by noon 1,000 persons were in line—each
with his or her little store of gold and silver. In nearly every instance the
coin had not seen the light of day for many years and some of the gold had
been in the family for generations.
The reports from 201 branches throughout France were equally encouraging. Peasants, who at first formed a minority of those answering the call
of the Government, were to-day ery numerous. Thi is ear ecially pleasing
to the bank officials, who know that a great part of the 1,000,000,000 gold
francs held in France is hidden away on farms of the peasants.
The officials are very hopeful that the gold resert e of the Bank will have
materially increased by the time the present purchase has continued several
weeks.
Gold and silver is being bought at current rates under the provisions of
a special parliamentary law for the purpose of building up the gold reserve
for future stabill ution of the currency.
Under date of Sept.:i0 Ass(xlated Press advices from Paris
stated:
The Bank of France since Monday has exchanged 8,769.000 Paw franca
($191. 62) for gold, silver and foreign exchange in the Paris district under
the new law that became effective on that day, according to an entry in the
bank's weekly statement ap earing to-day.
Figures for the whole country are expected
statement.
to be included in nest week's
according to advices (copyright) to the "Times" from
Paris, Sept. 25, the Bank of France that day published an
explanatory communique indicating that it wished to purchase gold; and that the price established should not be considered purely with reference to the coins. It was added
that the latter, however, would be accepted according to
established rates, unless underweight, when the scales will
be used and the percentage of other metals included in the
coins will be deducted.
The same paper in a copyright cablegram on Sept. 27
stated that the gold louis is being purchased at the rate of
114 francs 60 centimes paper for a gold louis worth 20 francs
gold, while the silver ecu, worth 5 silver francs, is bought for
13 francs, 2.75 centimes. Reference to the arrangements
for the purchase of the gold appeared in our issues of Sept. 18,
page 1445, and Sept. 25, page 1574.
Books for New French Loan of 3,000,000,000 Francs,
Based on Tobacco Monopoly, to Open Oct. 7.
The opening of the books for subscriptions to the new
French internal loan guaranteed by the tobacco monopoly
will open Oct. 7, it is learned from copyright advices from
Paris to the New York "Times" Sept. 25, which we quote
as follows:
Huge posters announcing a French tobacco loan of 3,000,000.000 francs
made their appearance to-day on the Paris billboards. Although it was
stated that the books will be open from Oct. 7 to 15 at the latest, Finance
Ministry officials express the belief that 48 hours will be sufficient for the
sale of the entire issue. The belief is based on the nation-wide requests
already received at the Government offices.
It is recalled that an issue of 6.500,000 francs in bonds, payable exclusively in National Defense bonds, was guaranteed by the receipts of the
national sinking fund, consisting largely of the earnings of the tobacco
monopoly.
Treasury literature during the past few weeks in the form of newspaper
advertising has been advising citizens to invest freely in the National Defense bonds with the expectation of the franc rising toward 125 to 130 to
the pound sterling. On the other band an announcement that the Bank
of France is ready to purchase gold coins at 19.75 francs per gram gold indicates a pound rate of 129 francs. This coincidence is taken by many to
represent fairly closely the actual stabilization rate of the franc aimed at
by the Government--approximately 26 francs to the dollar.
Items regarding the proposed loan appeared in these columns Sept. 4, page 1184; Sept. 11, page 1324, and Sept. 18,
Hoarded Gold and Silver Exchanged for Paper Swells page 1445.
Gold Holdings of Bank of France.
On Sept. 27 people of all conditions of life formed long French Bank Blocks Foreigners' Control—Credit
lines in front of the cash windows of all branches of the
Lyonnais Stockholders Increase Capital by Issue
Bank of France, as well as at the main office in Paris, to
of Shares With Plural Votes.
exchange their gold and silver coins for paper bills under • A Paris wireless message Sept. 25 to the New York
the new plan announced by the bank for the purchaSe ti)f "Times" says:'
1704
THE CHRONICLE
, A special meeting of the Credit Lyonnais stockholders, called to protect
French interests against the reported attempts of foreign banks to obtain
a majority of the stock of the company, authorized the directorsto increase
the capital to 255,000.000 francs by the issue of 10,000 nominative B shares
'of 500 francs each.
Each share Is given tho right of three votes in ordinary meetings and six
votes in special meetings, and the holders have the right to one-third of the
earnings of A shares. In case the company is dissolved, B shares will
receive one-third of the money apportioned to A shares. B shares will
carry interest from Jan. 1 1927, and cannot be transferred without authorization of the board of directors.
The stockhrlders further authorized the directors to increase the capital
eventually to 500.000.000 francs and extended the organization to the year
2024-99 years hence. All resolutions were adopted by a scant majority.
112 The special meeting was held in response to insistent buying of the bank's
stock for some time, which'caused the market value to double in four
• months. It was asserted a Berlin banker purchased the stock for powerful
American banking interests which sought to gain control of the largest
bank in France after the Bank of France. Other French banks are said
to be threatened by similar foreign buying.
The decisions of the Credit Lyonnais meeting will permit the voting.
majority to remain in French hands, no matter what proportion of A stock
Is purchased by foreigners. The directors can continue the Issue of B stock
with plural votes in order to maintain French control.
Wholesale Prices in France Declined in August.
Wholesale prices in France, according to official figures
compiled by the French Government statistical office and
transmitted to the Bankers Trust Co. of New York by its
l'rench information service, showed a decrease of 69 points
in the month of August, the general index figure being 785
as against 854 in July. This general index figure, which
is calculated for 45 articles on the basis of 100 in 1914, had
'increased by 19 points in April, 38 points in May,52 points
in June and 100 points in July.
The following table shows the fluctuation from one month
to another of the different items that go to make up this
general index:
No. and Nature of Items Considered—
General Index (45)
Foodstuffs—
General (20)
Vegetable foods (8)
Animal foods (8)
Sugar. coffee, cocoa (4)
Raw materials—
General (25)
Minerals add metals (7)
Textiles (6,
Miscellaneous (12)
..•—••
August. •
785
672
745
544
804
885
919
940
831 _
—
Jule.
854
June.
754
703
788
552
861
646
731
633
717
985
1.025
1.147
863
848
837
971
781
[Vol.. 123.
no other nation had the said privilege of seeing Its richest provinces made
a field of battle for all armies. Our nation since the signature of the peace
treaties has done more to observe them and compel their execution than
any other. No nation has contributed more to the pacific work of the
League of Nations.
"France asks only a permanent safeguard of her territory as reconstituted
and regular payme it of the renarations promised
She has never refused
to talk loyally with Germany on questions interesting the two countries.
Legitimate as may be her past grievances, she has not followed a pot ry
of hate and reveige toward her former eiemies. To-day, as yesterday, she
remains ready to try all efforts at raper°, hement provided they accord
with her treaties and her alliances: provided they cast no doubt on the war
responsibility of the Imperial German Government. and provided they bring
proof of material and moral disarmament by our neighbors.
"France owesit to herself, she owes it to her reautation for nobleness and
generosity, she owes it to Euro-e so gravely troubled by a war of four
years, she owes it to all the people of the world, to eo everything In her
power to obtain for humanity in distress a future brighter than its past.
She will not fail in this duty; but no one will be astonished if before the uncertainties of to-morrow she neither wishes to surrender her contractual
rights nor to relax her vigilance."
Country Backs War Guilt Stand.
The reaction to M. Poincare's speoch yesterday at St. Germain sh-ars
that Freach sentiment Is almost solidly behloci M. Poinowe's refusal to
admit discussion of war guilt: and German reaction to his derlaratio s yesterday before the Preach war veterans I dicates that while the Thoiry program
may be imnregnate with poison, this is a nrofitlass debate.
The fault therefor certainly t us on Dr. Strescmann. Not only M.
Briand and Sir Austen Chain'telain, but his own counselors advise I him
not to raise the Issue of war guilt at Geneva. He refrained from so dol g
at the sessions of the League of Nations, but his ill-advised speech before
the Gorman col ny at Geneva brought the some resnit. Wheo he declared
the reception of Germany into the League showed that blame for the war
no longer rested on her he may has e pleased is own Nation lats. but he
certainly gave a fl. e target for the French Nationalists.
The Associated Press advices stated that Premier Poincare
made it clear that the present Government would resist any
attempts of foreigners to obtain control over French affairs.
"We are observed from abroad with an attention that is not
always benevolent," he said. • "At times foreigners thought
even of taking an indiscreet interest in our budgets and
expenditures. France;after a war which she did not provoke
and after a victory she had paid for so dearly, will accept
no trespassing upon her sovereignty and no encroachments
on her dignity. She is and will remain her own mistress."
Regarding the attitude displayed at the meetings of the
Councils-General toward the debt issue, the "Times"
correspondent had the following to say Sept. 28 (copyright):
The Councils-General of the dei artments now holring meettpgs
throughout France to gixe political directions to the department rerresentalives In Parliament for the coming session show general approval of Premier
Poincare's financial program, thus indicating that the prom) ed attack on
him at the opening of the Chamber a will fall. However, it is oticealrie
that there appears no growth of sentiment In favor of ratification of the
Berenger debt agreement, which, at the adjournment of Parliament.
represented one of M. Poltware's policies.
Remarks in speeches by Presidents of two Councils-Goner I give a contrary indication.
Senator :o mart In the Pas de Calais said he rid not believe the United
States could remain intransigeant without shocking the wo,121's sense
justice He argued that America's refusal to ratify the Tre ty of ‘'ersaillos
2 fter having taken a large part In draft!! g It Was largely rest onsible for the
troubles of Europe in general and France in • articular to-day. II Insisted
that the debt settlemeat with Washington must include a safeguard clause
"which would have permitteri us to adjourn payment of our debt In the
Premier Poincare Says France Will Discharge Debts years Germany makes no payment,or only part of the payments she owes."
lie referred t • the enormous profits America made before emeriti the
Within "Limits of Possibililies of Transfer of
war and said even after entering the war he United States mat e money
Money."
out of the Allies. This, he thought, should be takep into account.
Former Finance Minister Klotz. sj tanking in the Somme. proposed arbiReference to the French indebtedness was made by Premier tration
between the United States and Prance of the debt ssue Ile said
Poincare in addresing the General Council of the Department America preferred France's signature to notes representing her borrowings,
added:
of the Meuse at Bar-le-Due on Sept. 27, at which time he and
"When a great democratic country like the United States, using, it is
made the statement that "France has never repudiated her
true. Its constitutional rights. denies the signature of its Chief of State. Is
foreign debts. She has even paid considerable sums on the signature of a b wean ohlet of France. pressed by the dernnads
of a
combat. more sacred?
them in imterest. Those payments would have been more daily
"Can the statesmen of the United States and En-land understand, and
they make their financiers understand, that the French Parliament will
considerable had Germany not defaulted in her payment can
rectify no accord on the debts.so long as there exists the present disparity
of reparations. She, none the less, has decided to meet her between our mnneys.
"With the weakening of the franc It IS impossible to pay. With the franc
obligations in the future loyally, in the measure of her restored the question will change its aspect. The stronver
the franc will be
will be payments on this account which remain to be figured
the
capacity and within the limits of the possibilities of the cinors.rtycbetter
.
vit
es
lelvnowad
there should be revision, and why not arbitration? Arbitration is
transfer of money." This emphasis on the transfer feature
ay., even when national honor and security are at stake. It
caused some surprise, says copyright advices to the New certain]" ahoulgi prevail in math-era cif m-nev. eanocially tsrstween friends."
Klotz
made a hitter attack on the Thoiry plan. sayirg Germany was
M.
York "Times" because on the adjournment of Parliament
plannl g to establish a claim of war innocence, after
she would
the Premier was in favor of ratification pure an simple of surely declare that the re-aratIons based In the Treaty ofwhich
Versailles on her
• the Berenger and Churchill agreements. His declaration on war guilt sho Id no longer be paid. That, he thoughi, would mean the
the 27th is taken to mean he now will ask for a safeguard end of the Dawes plan. American attitude
Most comme its on the
toward France were fairly f ee
clause. The same advices state:
from bitterness and more conservati‘e than they sometimes ;ire. Fortulie said be thought the Issue would soon come before P regiment. The nately. or.ly a minority of Frenchmea show suet] had taste as to (bilge In
i
Premier reviewed the formation of the present Government at d its fiscal or aeree with articles like that published in the "Action Frt.
" to-day,
TICSISS
plans Pointing to the balanced budget, he said the country must be willing which Is a deliberately instrith g to the American role In the
war that one
to support the new charges in order to re-establi-b financial stability
He gets comfort from the thought. that the 1.1retihtlon of this pat er Is very amail
reviewed the measures for handling the floatli.g debt. Fie said that from and that it reoresents in politica only the Royalists,
who are about one in
all parts of the country protests had poured in on him, but he was deter- fifty morg the Fret ch ropulation.
mined to go ahead with his program, a. d the Chem ers would soon have
This article ends with the statement that to compare Uncle Sam to Shythe opt) rtunity of approving him or of putting him out.
ock amounts to insulting Shylock.
tie declared there would be no dodging and that the Government was
-ready to stand or fall on what it had done.
German Balance Shett on Fcre'gn Account —Adverse
Says Prance Vas and Is Peaceable.
Balance of 5,58ri,000,000 Mt.rks Met by Loans
In concluding his speech M. Poincare said that the Government's great
program could be executed only in peace time conditions.
and recall of Capital.
"No•nation.".he went on."wishes peace more sincerely than France. No
A copyright cablegram from Berlin Sept. 25 to the New
nation least sought war. and. the Government of the Republic did everything humanly possible to avoid it. No nation was so sadly stricken and York "Times" stated:
It will be seen that the decrease is especially marked for
minerals and metals (106 points or 10%) and textiles (207
points of 18%), which are directly influenced by the rates
of exchange.
The decrease of wholesale prices has not yet influenced
retail prices on which there was a new increase of 13 points.
The index figures for Paris calculated for 13 articles of primary necessity such as bread, meat, lard, butter, eggs,
milk, cheese, potatoes, beans, sugar, oil, petrol, methylated
spirits, was 587 in August, as against 574 in July and 423
in the month of August of 1925.
OCT. 2 1926.]
THE CHRONICLE
The official Trades Condition Institute last week published statistics
showing that the foreign-payment balance of Germany between the date
of stabilization in 1923 and the end of June 1926 was adverse to Germany
by the large total of 5.585.000.000 marks. This deficit had to be met
by contracting abroad 2,544,000,000 marks of long-term loans, by recalling
1.200.000.000 marks of capital hoarded abroad, and by other capital
transactions of 1,625.000,000 marks, including Investments of foreign
capital directly in Germany.
• • On the basis of these figures the financial press seems to agree that
no mobilization of the Dawes bonds would be possible unless the United
States were to take the leadership In arranging it. As to the probability
of that, the comment of financial circles is that Wall Street, in view of
the large interest payments already contracted for the account of German
industrial bonds placed in the American market, might raise the objection
that mobilization of the railway bonds would threaten Germany's ability
to keep on paying interest on its already outstanding obligations.
Economic and Industrial Conditions in Denmark
During August.
From the statement issued by Danish National Bank of
Copenhagen and the Danish statistical department regarding
the economic and industrial conditions in Denmark during
August we take the following:
During the month of August, as during the preceding months, only small
changes have occurred In the value of the Danish krone. However, during
the past month there has also been an increase, the average quotations for
dollar being 3.77 39-100 krone (equal to 26.50c, to one krone): July. 3.78
krone (equal to 26.45c. to one krone): for sterling. 18.27 krone (July, 18.34
krone), corresponding to the average gold value of 98.8 ore in August,
against 98.7 in July.
The continued decrease In the banks outstanding loans and deposit
activities, which has been going on during the greater part of this year, is
also continued during the month of August, the three private principal
banks having decreased their outstanding loans with 18 million krone.
while the deposits have been reduced with the amount of 25 million krone.
The decrease of the outstanding loans is pretty evenly divided among the
different money lenders, while the greater part of deposit reductions fall
on t se account current, the decrease in this account is greatly due to the
fact that foreign countries have withdrawn their outstanding krone credits.
At the same time the outstanding loan of the national bank has during
this month gone 10 million krone down, while the circulating amount of
bills has been decreased with 12 million krone. from 388,7 to 376,5 million
krone, against 442.1 million krone in August 1925.
Tae transactions in stocks and bonds on the Copenhagen stock exchange
was verysmall during the month of August. Inasmuch as the average weekly
b isiness amounted to 0,8 million krone for stocks and 1.5 million krone
IA' bonds, against respectively 0.9 and 2,4 million krone In July.
There was a small decline In the index figures of stocks as well as of
bands,inasmuch as the stock Index was 87.6 (July 88.5),and the bond index
85.8 (July 86.1), when the rates of exchange on July 1 1914 are fixed at 100.
The decrease of the stocks is only due to marine stocks, as all other stocks
have showed an increase.
The statistical department's wholesale index has increased 4 points since
July. The Increase is owing practically only to the fact that the mine
strike in England increased the price of fuel.
The trade balance with foreign countries shows for July a very favorable
export surplus (19 million krone), as the import amounted to 107 million
krone, the export 126 million krone, while July 1925 had an import surplus
of 7 million krone. For the months of January-July under one heading
there was in 1926 an export surplus of 5 million krone. against in
192.5 an
Import surplus of 72 million krone.
During August the export of agricultural products was larger for bacon
than in July. but somewhat smaller for the remaining products.
The prices for all exported products were higher than in July.
The employment condition of the labor market was still considerably
worse than at the corresponding time last year. although the Increase from
July to August was less than last year. The percentage of unemployed
was at the end of August 1926 17.7% against 9.8% in August 1925: in the
industries the percentage was 19.7 this year against 9.9 in August last year.
The Government's revenue from taxation on articles of consumption
was in August 16,7 million krone, including customs revenue, 5,1 million
krone. In August 1925 the corresponding figures were 17,9 and 5,1 million
krone.
Return of Dr. Kemmerer from Poland—Progress of
Country Referred to as Remarkable—Reorganization of Bank of Poland—Credit with Reserve
Bank.
Prof. E. W. Kemmerer, of Princeton University, who in
June headed a special commission which sailed for Poland
to make a study of conditions thereto with a view to drafting
a financial and. economic policy for the Polish Government
returned this week. Dr. Kemmerer finds improving conditions in Poland, the "Times", quoting him as follows in
describing the country's progress as remarkable:
"Considering that Poland was for more than a century without a government, that its parts were separately governed by Russia, Germany
and
Austria, and that it was crossed and recrossed five or six times by the
warring armies and devastated worse than any part of Europe, with the
possible exception of Serbia, the progress which Poland has made is remarkable."
Dr. Kemmerer states (we quote from the "Herald-Tribune") that "one of the most important developments has
been the reorganization of the Bank of Poland because, as
the result of increasing its reserves and capital and making
its currency elastic, it has been possible not only to balance
the national budget but to record a surplus in the national
treasury for the last five months. Putting into effect the
monthly budget plan has been of very great material benefit
to Poland." He also refers to Poland's credit with the Federal Reserve Bank of New York, which he notes, was pledged
with 810,000,000 in gold and has now been cleaned up. One
1705
of the accounts regarding Dr. Kemmerer's observations
appeared as follows in the New York "Journal of Commerce"
of Sept. 30:
"Poland is steadily recovering from her economic crisis. Her budget
Is balanced, and for the past th e months she has had a generous surplus
to apply,to old debts. Since 1920 Poland has progressed at a more rapid
rate than any country in the world. To-day she has less foreign debt per
capita than any nation in Europe."
These words spoken by Dr. Edward W. Kemmerer, Professor of Economics at Princeton and head of an American financial mission to Poland,
marked his first interview given at the National Arts Club. 15 Gramercy
Park, after his arrival here yesterday on the French liner Paris. his work
completed.
Reorganization of Bank of Poland.
Thirteen separate reports were made to the P dish Government by the
Kemmerer Commission, the chief of which embraced the reorganization
of the Bank of Poland. All reports were strictly confidential, said Dr.
Kemmerer, who had been in conference with Ambassador Czieehanowski
in the late afternoon. The reorganization of the bank and a few items
he might discuss, he said. Pressed for some definite statements. Dr.
Kemmerer replied:
"The bank authorities of Poland have approved a majority of the recommendations the Commission offered ii relation to the Bank of Poland.
These include the !norms ng of reserve requirements and the making
of the issue of bank notes more elastic.
"A short time before I arrived in Poland the stock of the Bank of Poland
was down to 51. To-day it is doubled. Security prices were still lower
then; now they are tending upward. Eight per cent bonds of Poland
were down to 83: they are now about 88. Six per cent bonds which were
formerly 60 are now only fractionallyhelow 70.
"Poland's credit established with the Federal Reserve Bank of New
York and pledged with $10,000,000 in gold has now been cleaned up. .
Her gold is all released at the present time. Bills going to protests, records of which were keat by the Bank of Poland, show that while last November
% were protested, the latest figures just before the Commission left
were by 234%.
"The exchange situation, which had depreciated In 1924, when the
zloty had been stabilized at 19 3-10c.. and then fell to 9c., is now back
to 11c., and currency is stable. However, the most important thing for
Poland has been the balancing of her budget. This she has not only
succeeded in doing, but in the past five months has actually achieved
a surplus to apply to old debts. Expenditures are now known and a
check-up is made and the budget corrected accordingly.
"Carloadings in Polands' State railways increased 47% from January
1926 to August 1926, the average loading being much larger than is usual
This was partly due to the coal boom caused by the British strike. Coal
shipments have increased 58% since January alone. However, deducting
coal, all other shipments show an increase of 0%•
"The alance in trade from October 1924 through to August 1925 was
unfavorable, but from November 1925 to September 1926 a very favorable balance has been shown,and this has more than offset the total balance
of the preceding period."
Reports to be Published Soon.
Dr. Kemmerer refused to discuss the present p Htioal aspect in Poland.
He stated that the Polish Government had promised to make public the
reports of his commission in the very near future. They would take up
some 760 p gee of printed matter.
Asked about conditions in Poland he stated that there was an enormous
am not of unemployment. The official figures in January being 359.000.
In August, however, this number had dropped more than 100.000. and the
latest figures were now 245.000.
The Kemmerer Commission comprised six experts in addition to secretaries. It was as follows:
Joseph Broderick. Vice-President National Bank of Commerce. practical
banking problems: Prof. Harley Lutz, of Princeton. taxation; Joseph T.
Byrne, accounting, budget and fiscal control: Col. Frank able. customs;
Wallace Clark, industrial engineering: Frank Graham. General Secretary.
and Dr. Frank W. Fetten, Secretary.
The commission undertook the following: Currency, banking, tax accountancy, customs, budget and public loans. It was responsible only to
the Polish Government, and did not represent. Dr. Kemmerer said, any
banking groups, the Polish Government having invited Dr. Kemmerer to
form a commission and advise them on certain speciLc grounds.
Dr. Kemmerer left last night for Boston. but will return in time to
embark next week for Ecuador for similar work, after which he will make a
survey for Bolivia.
Reference to the Commission headed by Dr. Kemmerer
appeared in our issues of June 26, page 3542; Aug. 7, page
644, and Aug.21, page 928.
Poland Achieves Balanced Budget—Finance Minister
States Receipts Have Exceeded Expenditures Since June.
Polish Finance Minister Klarner, in his speech to the Diet
presenting the preliminary figures for the budget for the
fourth quarter of this year, stated that the nation's economio
position is at present favorable much in the same way it was
before Poland's unsuccessful attempt at monetary stabilization in 1924, and that the experiences of that occasion would
be of benefit in the present attempt to secure permanent
stability. T he "Wall Street Journal" of Sept. 27 in stating
this added:
He also said the Bank of Poland discount rate, reduced to 10% in July,
would be further reduced to 9%. His speech, in part, as cabled to American Polish Chamber of Commerce and Industry here, follows:
4
"DesrIte imme Ise financial difficulties with which the new Polish Goveriune it is struggling, pronounced improvement has been seen in the last
quarter, especially in the budget. In the first five months of 1926 expenditures were 701,000,000 zlotys and income 645,000,000 zlotys, a deficit of
59,000,000 zlotys. The figures for June. July and August show revenues of
476,000,000 zlotys and expenditures of 475,000.000, the last figure containing 14,000.000 zlotys expenditures for September. If we succeed in leaping the balance of the budget, this month promises to be the beginning of a
new and better era. Adding the total of the eight months of 1926 already
passed to estimates for last four months of the year, we got a total deficit
of 44.000,000 zlotys for 1926."
1706
THE CHRONTCLE
Greater Efficiency a Factor.
Reviewing the principal sources of income, the Minister of Finance cited
the increase of 8.000.000 zlotys monthly in income from government
monopolies, the increase in the revenuesfrom railways and greater efficiency
In the conduct of state nterprises. He continued:
"Despite the satisfactory results the government has achieved, it is not
going to abandon the road which has led to balancing the budget through
economies In administration. The balance of the budget will be maintained.
"The number of unemployed fell from 360,000 in January to 235.000
last month.
"Anxiety as to the rate of exchange Is a thing of the past. Bank of Poland
situation is satisfactory, and the maintenance of the rate of exchange of the
zloty depends entirely upon our budget policy. The rate, which in May
fell as low as 11 zoltys to the dollar, has been stabilized since July at 9 to
the dollar. On September 10 the holdings of the Bank of Poland in gold
and foreign currency amounted to 228,000,000 zlotys, an increase since
June of 101.000,000 zlotys. In the same period circulation of bank notes
rose to 560,000,000 zlotys. This surpassed by 200,000,000 zlotys the
circulation in May. and was equal to the maximum circulation at the
beginning of 1925.
"Gold coverage for this circulation, which in May was 31%,is now 34%.
The Bank of Poland is able to satisfy the needs of the internal market, which
is made easier by the recent changes in the laws governing the bank's
operation. The rate of discount of the Bank of Poland was lowered in July
to 10% and will be further lowered to 9%. If we consider that at the same
time the private rate of discount has fallen from 24% to 16% we come to
the conclusion that during the last three months the financial situation of
Poland has improved very considerably.
[Vol,. 123
Offering of $16,900,000 6% Gold Bonds of Argentine
Government—Books Closed—Issue OversubscribedL
An offering of $16,900,000 Argentine Government Loan
1926 external sinking fund 6% gold bonds was announced
on Sept. 30 by J. P. Morgan & Co. and the National City
Co. at 9834% and accrued interest, to yield over 6.10% to
maturity. The books were closed immediately after their
opening at 10 a. m. on Sept. 30, the issue, it is announced,
having been oversubscribed. The bonds w 11 be dated
Oct. 1 1926 and will become due Oct. 1 1960. They will be
redeemable through the operation of a cumulative sinking
fund of 1% per annum, calculated to be sufficient to retire
the bonds at par not later than Oct. 11960. The proceeds
of the issue will be used exclusively for the construction,
extension and improvement of public works, including the
Argentine State Railways. They will be coupon bonds in
denominations of $1,000 and $500, registerable as to principal only. Principal and interest April 1 and Oct. 1 will be
payable in United States gold coin of the present standard
of weight and fineness, in New York City, either at the
office of J. P. Morgan & Co. or at the National City Bank
of New York,fiscal agents for the bonds of the issue, without
deduction for any Argentine taxes, present or future. The
following (in which all figures originally stated in Argentine
currency have been converted into United States dollars at
par of exchange for the gold peso or paper peso, as the case
may be), is from a statement signed in behalf of the Argentine Government by Felipe A. Espil, its Charge d'Affaires
at Washington, D. C..
Trend of Foreign Trade.
"From January 1 to August 31,our exports xceeded imports by 313,000.000 gold zlotys, bringing total excess for the period beginning September 1
1925, to 504,000,000 gold zlotys since the trade balance began to be favorable.
"The reserve of the Bank of Poland. which started to fall in January,
1925, has been re-lenished.
"The differcnes in prices in the external and internal markets during the
period of fall of the zloty created a favorable condition for export which
permitted an appreciation in the value of the zloty from 10 to the dollar
to 9 to the dollar. The further rise of the zloty was stopped because a of
Obligation.
rather mediocre harvest of this year, which, while it will be adequate for
These bonds are to be direct external obligations of the Argentine Governinternal needs will permit an export of only about 5.00 .000 quintals. In
therein that if, while any of these
spite of an increase in world prices of cereals resulting from generally ment. The Government will convenant
mediocre world production, Poland can be classified among the countries bonds remain outstanding, It shall create or issue or guarantee in accordance
with the Argentine Constitution, any loan or bonds secund by lien on any
where prices are by est.
this issue shall be secured equally
"The consolidation of our financial situation will lead to a steady decrease of its revenues or assets, the bonds of
bonds or such guaranty.
In rates of discount, an influx of foreign capital, a creation of new Polish and ratably with such other loan or
Sinking Fund.
capital, improved methods of working and a decrease in the cost of production. In conclusion, I would like to point out that our present situation
The Government will covenant to pay to the fiscal agents as a sinking
Is similar to that two years ago when Poland, without external aid, accom- fund, beginning April 11927. and thereafter semi-annually on April 1 and
plished financial reform only to find herself facing a bad harvest. We will Oct. 1 in each year, an amount equal to
of 1% of the greatest principal
prdlit from that ear erience in order to avoid errors of that period. The amount of bonds of the issue at any time theretofore outstanding, plus an
budget will be card° I out with all necessary prudence, the necessities of amount equal to the accrued and unpaid interest on all bonds previously
the state being provided for within the limits of the budget. The budget acquired through the operation of the sinking fund. Such sinking fund
will be developed, having in mind at all times the paying possibilities of the payments (which may be increased by the Executive Power if considered
people of Poland."
advisable) are to be applied to the purchase of bonds below par through
tenders, or, if not so obtainable, to the redemption of bonds, called by,lot,
Mexico Curbs Gold Export—Ore Shippers Must Import at par.
Government Debt and Assets.
Coin or Bars Equal to Amount Sent Out.
The total debt of the ArgenAne Government as of June 30 1926 amounted
A cablegram from Mexico City, Sept. 26, to the New to about $938,923.301, as compared with the national wealth, according to
the census of 1914 (the latest official figures), of $14,543.000,000. GovernYork "Times" (copyright) says:
ment-owned properties (including revenue-producing investments of
The Government has issued a decree obliging exporters of any ore of
had a total value in 1914, according to the same census, of
higher grade than two grams of gold a ton to re-import in gold bars or gold $530.000.000)
$1,125,000,000, or about $186,000,000 more than the total Government
coin the equivalent of the gold exported in the minerals.
Exporters are obliged to give notice of such shipments out of Mexico and debt now outstanding.
Currency.
to specify through which custom office the gold will be imported. They
A gold reserve of $436,000,000 is held against note circulation equivalent
must also put up a deposit as a guarantee of payment of possible fines.
Argentine
'The reimport of gold must be made within thirty days under penalty to $561,000,000. resulting in a eserve ratio of over 77%. The
par. Measures
of a fine equal to 10% of the gold that should be reimported. Each failure paper peso is now quoted in New York at over 95% of
have been taken to prepare the way for a complete restoration of the gold
to reimport will bring an increased fine.
standard which existed in the Argentine prior to 1914.
The mint will coin the imported gold without charge.
The purpose of the decree is to stabilize the exchange rates, which are
Tem porary bonds, exchangeable later for definitive bonds,
hurting business.
will be issued in the first instance.
Mexico Deposits September Interest Due on External
Debt.
The "Sun" of last night (Oct. 1) published the following.
Despite the internal boycott and the difficulties recently experienced
the exchange market, Mexico has transmitted the September portion
offunds due on its external debt to the International Committee of Bankers
on Mexico, according to an announcement made to-day by M. G. Prieta.
acting financial agent of Mexico in the United States. Mr. Prieta said
In part:
"The regularity with which these payments are being made by my
Government shows how little credence should be placed in reports from
irresponsible quarters as to the success of an attempt to create financial
chaos in Mexico through a boycott which it was hoped would force the
Government to act in plain violation of the provisions of the Constitution.
"The attempted boycott has proved an utter failure either in dislocating
the financial and industrial fabric of Mexico or in compelling the Government to disobey the soverelen laws of the Mexican people"
In
$20,000,000 Argentine Government Treasury Bills
Placed.
J'. P. Morgan & Co. announced that, in conjunction with
the National City Bank, they have placed privately $20,000,000 of Argentine Government 6 months Treasury bills
on a 53' % basis.
Tenders Asked for Argentine Government Bonds Due
1959.
J. P. Morgan & Co. and the National City Bank of New
York, as fiscal agents, have issued a notice to holders of •
Government of the -Argentine Nation external sinking fund
6% gold bonds due Oct. 1 1959 to the effect that $153,495
in cash is now available for the purchase for the sinking fund
East Indian Conversion Loan.
of such bonds of this issue as are tendered and accepted for
A new 41A% East Indian conversion loan of 107,000,000 purchase at prices below par. Tenders of the bonds with
Amsterdam
at
98,
guilders will be issued in
according to coupons due on and after April 1 1927 should be made at a
Associated Press advices under date of Sept. 28.
flat price below par at the office of J. P. Morgan & Co., or
at the principal office of the National City Bank, 55 Wall
$10,000,000 Loan Here for Hamburg is Planned.
Street, prior to 3 p. m. Nov. 4 1926.
The following is from the "Evening Post" of last night
(Oct. 1):
Brazil Retires $600,000 732% Coffee Security Loan
Negotiations have been virtually completed for floating a $10,000.000
Through Call of Bonds by Lot.
loan here next week on behalf of the City of Hamburg. according to reThe United States of Brazil has called for retirement apports in the financial district to-day.
Kuhn. Loeb & Co. are expected to head the syndicate which will offer proximately $600,000 of bonds, comprising its 73 % coffee
the new issue, which will -probably bear a 6% coupon. The bonds may security loan of 1922, according to announcement in behalf
be offered to the public at abcut 93.
of the South American Government. The bonds are of
The bankers declined to confirm the report to-day.
•
OCT. 2 19201
THE CHRONICLE
sterling denomination, of which a substantial proportion are
held in the United States. Those surrendered in this country are payable on and after Oct. 1 next at par in sterling or
the equivalent in dollars at the current rate of exchange at
the office of Dillon, Read & Co. in New York. Bonds selected for redemption, which is one of the largest transactions
for a retirement fund to be announced so far this year, was
effected through drawing of bonds by lot. Bonds so designated were drawn in London in the presence of Samuel De
Souze Leao Gracie, Brazilian Charge d'Affaires, and Messrs.
N. H. Rothschild & Sons. Bonds so drawn consist of 40 of
1,000 pounds sterling denomination; 55 of 500 pound sterling
denomination, and 523 of 100 pound sterling denomination.
Total face amount is 119,800 sterling, or approximately
$599,000 in American money.
$2,500,000 7% Bonds of Department of
Valley (Republic of Colombia)—Books
Closed—Issue Oversubscribed.
Announcement was made on Sept. 30 of the purchase, by a
banking group comprising J.& W.Seligman & Co.and Baker,
Kellogg & Co., Inc., of an issue of $2,500,000 Department
of Cauca Valley (Republic.of Colombia) bonds, which were
publicly offered yesterday (Oct. 1) at 96 and interest to
yield 7.90% to final redemption. The bankers stated early
in the day that the new issue had been heavi'y oversubscribed
and the books closed. The new issue will be dated Oct. 1
1926 and will mature Oct. 1 1946. They are part of a total
authorized issue of $4,000,000. The bonds in the present
offering are to be retired by lot at 103 and accrued interest
through a cumulative sinking fund operat ng on each semianual interest date, commencing April 1 1927. The present
issue of bonds will constitute the only funded debt, external
or internal, of the Department and will be outstanding at
the relatively low rate of approximately $8 per capita.
The proceeds of this loan will be partly used to retire approximately $750,000 bonds, being the external debt now outstanding, but principally to extend and improve the railroad
and highway system throughout the Department. The
bonds will be in coupon form in denominations of $1,000 and
$500, registerable as to principal only. Interest will be
payable April 1 and Oct. 1 and principal and semi-annual
interest will be payable in U. S. gold coin at the office of
J. &. W. Seligman & Co., New York, fiscal agents, free of
all taxes, present or future, of the Department of Cauca
Valley, the Republic of Colombia, or any taxing subdivision thereof. The Central Union Trust Co. of New York
is trustee.
It is announced that the issuance of these bonds has been
approved by the Government of the Republic of Colombia.
From a summary of a statement of Dr. Manuel A. Carvajal,
Governor of the Department of Cauca Valley, we take the
following:
Offering of
Cauca
Security.
These bonds will be the direct obligation of the Department of Cauca
Valley, and will be specifically secured by a first charge and lien on (1) all
of the revenues derived from the tobacco tax, (2) 80% of the revenues
derived from the tax on slaughtering of cattle, (3) 80% of the taxes or
revenues derived from the manufacture and sale of liquor.
The Department agrees In certain contingencies to increase the taxes
or revenues securing the loan or to add other taxes or revenues as additional
security.
The trust agreement provides, among other restrictions, that the Department of Cauca Valley shall not Issue any of the remaining authorized
bonds unless the combined annual interest.and sinking fund charges on
the bonds theretofore issued and on such additional bonds shall, during
the three preceding fiscal years have been covered at least four times, by
the average yield of the revenues securing the present issue.
0
Revenues.
The total receipts from the said revenues or taxes for the seven years
ended Juno 30 1926 averaged $1,819,952 annually, of which the proportion
securing these bonds is equivalent to over 6.4 times the combined annual
interest and sinking fund requirements of $246.490 on this issue. For
the fiscal year ended June 30 1926 the revenues or taxes totalled $2775047.
of which the proportion securing these bonds is equivalent to more than
9.8 times the annual interest and sinking fund requirements on this issue.
The Department has agreed that the respective proportions of the total
receipts from the asid revenues or taxes securing these bonds shall be
deposited as collected with the branch of the Royal Bank of Canada at
Call, the capital of the Department, or such other bank as may be agreed
upon by the Department and the fiscal agents, which shall remit monthly
or oftener from the revenues so deposited until the amount necessary
to meet the next,ensuing semi-annual interest and sinking fund payments
on these bonds is on deposit with the fiscal agents.
All conversions to United States dollars made above are
at par of exchange, which for the Colombian dollar or peso
is equivalent to $0 9733. The bonds were offered when, as
and if issued and receiN ed, subject to prior sale and subject
to the approval of counsel. Interim receipts or temporary
bonds will be deliverable in the first instance.
1707
Chile to Open Bids for £13,000,000 on Oct. 8.
Associated Press advices from Santiago, Chile, Sept. 25,
state:
The Government announces that bids for a loan of £13.000.000 will be
opened Oct. 8. The loan, which has been solicited In the United States
and Europe, will be used for consolidation of the external debt of Chile.
Definitive Bonds of City of Leipzig Available in
Exchange for Interim Receipts.
Speyer & Co. announce that the definitive bonds of the
City of Leipzig 7% sinking fund gold bonds, external loan of
1926, are now ready for delivery at their office, 24 and 26
Pine Street, in exchange for and upon surrender of theirinterim receipts.
Bonds of Kingdom of Italy Drawn for Redemption.
J. P. Morgan & Co., as sinking fund administrator, issued
a statement on Sept. 29 to holders of Kingdom of Italy external loan 7% sinking fund bonds, issued under the loan
contract dated Nov. 18 1925, announcing that $1,500,000
principal amount of the bonds of this issue have been drawn
for redemption at par and interest on Dec. 1 next out of
moneys in the sinking fund. Definitive and temporary bonds
bearing the serial numbers drawn by lot will be redeemed and
paid on and after Dec. 1 1926 at the office of J. P. Morgan
& Co. on the presentation of such drawn bonds. Interest
will cease on all such bonds drawn after Dec. 1 1926.
This is the first operation of the sinking fund under the
terms of the loan contract.
Redemption of Republic of Chile External Gold Bonds.
Acting as fiscal agent, the National City Bank of New
York has notified holders of Republic of Chile 20-year 7%
external loan sinking fund gold bonds due Nov. 1 1912 that
it will redeem at its office, 55 Wall Street, on Nov. 11926,
$199,500 aggregate principal amount of bonds of this issue
at a price equivalent to 100% and accrued interest. The
drawn bonds will cease to bear interest after Nov. 1 next.
Certain bonds of this issue called for redemption in previous
drawings are as yet still unredeemed.
Fund of $100,000,000 to be Raised by Texas Bankers to
Retire 1,000,000 Bales of Cotton—Texas Legislature
Proposes Removal of 5,000,000 Bales from
Market.
With a view to preventing a further decline in the price
of cotton a group of Texas bankers, meeting in Dallas on
Sept. 24 pledged themselves to raise a fund of $100,000,000
to retire 1,000,000 bales of Texas cotton from the market.
The Dallas "News" in, indicating on Sept. 25 the action
taken at the meeting, said:
Raising of a fund of $100.000.000 to be loaned at $50 a bale and 6%
Interest per annum, to retire 1,000,000 bales of Texas cotton or one in
five bales of the prospective crop of 5.000.000 bales, this money to be
raised through the clearing house assodatiorts of Dallas. Houston. Waco,
Galveston, Austin and other large cotton centres, is the plan adopted by
100 representative Texas bankers who Friday attended a special conference called by the Dallas Clearing House Association. It is planned
to make the fund sufficiently ample to cover contingencies.
To put this plan Into operation Texas bankers will be urged to convert
some of their present loans on the cotton crop into new loans on the actual
cotton insured and warehoused, with warehouse receipts or chattel mortgages attached, and thus help cotton growers of Texas to market their
crop in an orderly manner and stop dumping.
Will Extend Plan.
The same plan Is to be introduced into Oklahoma, Arkansas and other
Southern States until at least 2,000.000 bales of cotton in those States, or a
total of 3,000.000 bales, will have been retired from the market. This
would leave only about 12.000.000 bales of American cotton In the active
market, although in the last twelve months the world consumed 15.000.000
bales of American cotton.
Coupled with this financial plan is one of a 25% acreage reduction in
cotton In Texas and in other Southern States for 1927, starting early this
fall through an intensive campaign of education and signing of pledges.
With proper acreage reduction next season, the 3,000.000 bales should be
easily absorbed with the 1927 cotton crop, it was stated.
Committee of Work.
The conference was called to order at the Baker Hotel early Friday by
J. B. Adoue. President of the Dallas Clearing House Association. and W.P.
Allen of the American National Bank of Terrell was made Chairman. After
various plans had been presented by bankers, Mr. Allen appointed a committee to draft a plan and recommendations as follows:
Howell E. Smith, President of the First National Bank of McKinney
and director of the Dallas Federal Reserve Bank, Chairman: John E.°were.
Vice-President of the Republic National Bank of Dallas: T. H Davis, VicePresident ofthe Austin National Bank of Austin; W.W. Woodson,President
of the First National Bank of Waco; Nathan Adams, President of the American Exchange National Bank of Dallas: T. J. Caldwell. Vice-Presilent of
the Union National Bank of Houston, and Franz 0. Groos, President of the
San Ante alei National Bank of San Antonio. Mr. Allen was made a MUD*
her of this committee and appointed as Chairman of a Working committee
to perfect the plan composed of the same men.
The plight of cotton growers and of country bankers was stressed in
talks by several bankers, among them Gibbons Poteet, President of the First
THE CHRONICLE
1708
National Bank of Roston: E. B. Alford, Vice-President of the Farmers &
Merchants Bank of Henderson: John T. Orr, President of the Texas Farm
Bureau Cotton Association: Mr. Davis, Mr. Woodson, T. H. Harbin,
cotton planter and capitalist of Waxahachie. and E. A. Woodall, President
of the Colonial Trust Company of Hillsboro.
To Stop Cotton Decline.
Immediate action to stop a further price decline in cotton was urged.
Clarence Ousley, Director of the Texas Safe Farming Association, will be
loaned by that organization to carry the message of acreage reduction and
retiring of the depressing surplus cotton crop to other States so that action
•
can be taken concertedly.
A pledge to reduce the cotton acreage In Ellis County. signed by several
the conference and similar
to
read
was
farmers,
hundred landlords and
activity is to be put Into tree in other Texas counties, as well as all through
the South.
Complete faith was expressed in the stability of Texas farming and
business and in the ability of the South's bankers to put the plan into
execution in order to maintain and restore prosperity.
Recommendations fade.
The text of the recommendations adopted follows:
"Be It Resolved, by a representative group of Texas bankers assembled
in Dallas. Texas. this the 24th day of September, who believe that they
speak the minds of all the bankers of Texas. that:
"1. We pledge our resources and energies to co-operate with the farmers
of Texas to prevent the further sacrifice of their cotton, which we believe
Is selling below Its economic value.•
"2. The banks of Texas have already provided the funds for the production of the crop, and the process of liquidation is now under way. We
recommend that these banks convert some of their present loans on the
cotton crop into new loans on the actual cotton insured and warehoused
or put under cover, with warehouse receipts or chattel mortgages attached.
and thus assist the producers in orderly marketing.
"3. For the assistance of local banks that may not be able to re-finance
cotton in this way, we pledge the procuring of $100.000.000 to be loaned
at;50 a bale at the rate of6% per annum. We urge, with entire confidence
in the ultimate outcome, the holding of at least one bale in five or at least
1.000,000 bales In Texas. until the next cotton season and the gradual
marketing of the remainder. The world's consumption of Amrican cotton
last year was 15.160.000 bales. which sold at approximately 20c. a pound.
and consumption will likely be nearer 15.500 000 bales this year. There
does not seem to us to be such a surplus as to warrant present low prices
and we believe that firmness and patience In marketing will restore much of
the lost value reflected in present prices.
"4. A necessary part of this plan of relief is the reduction of next year's
acreage in cotton by at least 25%. We urge the bankers of each county
immediately to assemble their leading farmers and organize schoolhouse
campaigns for acreage reduction pledges. This year's great feed crops
provide next year's feed supply, and the policy of home production of food
and feed must be maintained and intensified.
"5. We realize that the complete success of this plan requires the cooperation of other cotton States and we ask the officers of the Texas Safe
Farming Association to lend the services of its director. Clarence Ousley,
to visit at once the principal cities in other cotton States to urge like action
and the retirement of 2.000.000 bales more in other cotton States, making
3.000.000 bales altogether to be retired, and the President of this meeting
Is requested to furnish the necessary credentials.
"6. Finally, we have full faith in the ability of the South's bankers and
farmers to arrest and reverse the present threatening situation and to
recover and maintain a reasonable degree of prosperity. It Is entirely
within their power to retire the apparent surplus and absorb it In reduced
production next year. We urge the farmers and their bankers to stand
firm to this program and we are confident that relief will come in due course.
NATHAN ADAMS. Dallas,
HOWELL SMITH. McKinney.
T. J. CALDWELL. Houston.
JOHN E. OWENS, Dallas.
FRANK C. GROSS. San Antonio.
T. H. DAVIS, Austin.
W. P. ALLEN, Terrell.
W. W. WOODSON. Waco.
A resolution introduced by Mr. Woodson of Waco was adopted as follows:
We recognize the Texas Safe Farming Association as a useful and necessary activity and earnestly urge the bankers and other business men of
Texas to contribute generously to its suport.
Other bankers present were J. A. Pondrom, President City National
Bank, Dallas: E. P. McKenna, Citizens National Bank. Tyler: C. J.
Bret an, Vice-President People's State Bank. Tyler: H. W. Ferguson.
President Dallas oint Stock Land Bi nk. 0. E. McCutcheon, Wichita
Falls: F. N Dion% capitalist. Corsicana: M. C. Spivey, First National
Bank, Bonham: J. B. Fortson, Corsicana National Bank, Corsicana:
H. Rapha I. President First National Bank, Ennis: B L. Gill. Chairman
of he board of directors of the American National Bank, Terrell: W. A.
Brooks. President Farmers National Bank. Forney and Citizens National
Bank of Crandall. and E. J. Miller. Vice-President Corpus Christi National
Bank. Corpus Christi.
With reference to action taken by the Texas Legislature
toward the removal of 5,000,000 bales of cotton from the
market, a dispatch from Austin (Tex.) to the New York
"Times," said:
Steps will be taken immediately looking to the purchase of 3,000, 00 to
4.000.000 boles of Texas cotton by the people of this State, to be held for
better prices.
The Legislature to-da adopted a "buy a bale" resolution, which explained
that the plan was to remove at least 5.000,000 bales from the market az
soon as possible.
"The removal of 1,000.000 bales from the market, to be brought about
by the movement inaugurated by the bankers of the State, will be beneficial
but will not have sufficient effect on the cotton market immediately to
Influence the price of cotton," the resolution says.
The resolution calls on newspapers, municipal and civic micanizations,
banks and bankers, automobile dealers, manufacturers, mer hants and
business men, cotton brokers and dealers and the Commissioners of Agriculture of the United States and of the individual States to assist in the
movement.
The Legislatures of cotton-growing States are urged to take similar action
and the Governor is called on to issue a proclamation.
The resolution also commends bankers and financial institutions in this
State "for their efforts in the plan they ha e formulated to finance the
withdrawal of 1.000,000 bales of cotton from the marker, and bankers and
financial institutions of other cotton-growing States are requested to adopt
similar measures."
Views of Bankers and Cotton Interests in New York
Toward Texas Plan to Ratite Fund to Retire
1,000,000 Bales of Cotton.
• Sentiment on the New York Cotton Exchange toward
the proposal of Texas bankers to raise a fund of $100,000,000
to retire 1,000,000 bales cotton, is, generally speaking,
against the project, according to the New York "Sun" of
[VOL. 123.
Sept. 27 which presented as follows some of the comment
evoked by the plan.
Brokers predicted that the cotton farmer would not be bound by any
agreement to reduce acreage, commenting that reduction campaigns of
that kind had • usually failed in the past owing to lack of co-operation
among growers of cotton.
On the other hand, some other.cotton men were enthusiastic in support
of the plan. A. B. Bowen. a member of the cotton firm of M. H. Thomas
& Co., said he thought the plan was not only feasible but that it would be
put into effect. Mike H. Thomas head of the firm of M. H. Thomas &
Co.. is the author if a plan similar to that launched by the Texas Bankers
Association. His plan calls for the withdrawal of 200,000 bales of cotton
from the market.
"The price of cotton to-day is below the cost of production," said Mr.
Bowen. "The Government recently estimated that it cost the cotton
farmer 18 cents on the average to produce a pound of cotton. Private
estimates run considerably higher. Some authorities figure that it costs
20 cents a pound to grow cotton. The market price of cotton to-day is
143 cents a pound. While the holding movement has originated in Texas,
it is the cotton farmers of the Eastern States who would benefit most. The
cotton grown In the eastern belt is short staple cotton which does not
command as high a price as some of the Texas product.
"Under the plan the bankers would loan money on cotton on the basis of
$50 a bale, or the equivalent of 10 cents a pound. That cotton would be
held off the market until the new crop came in. The plan calls for reduction
of acreage by 25%, by all who obtain cotton loans. The movement undoubtedly will spread to the Eastern belt and ultimately may result In
3,000.000 bales being taken off the market.
"English rubber producers were successful In restricting the amount of
rubber put on the market and benefited largely by the advance in price
which resulted. India jute growers have-similarly contrclled the market
for Jute, which by the way is extensively used in making cotton bagging,
although cotton bagging could be used just as well and would provides new
outlet for surplus cotton. I see no reason why American cotton growers
cannot in like manner restrict the market for cotton."
Bankers were not enthusiastic over the suggestion. One banker, whose
Institution lends money both to cotton dealers and to the textile industry,
said he did not doubt that cotton could be held off the market. He pointed
to the success of copper producers a few years ago in holding copper off the
market with the aid of bank money. However, this same banker questioned the advisability of restricting the market for cotton and putting the
price up.
"Dear cotton caused England to increase production of Egyptian and
Indian cotton, which is a superior product to American cotton, and undoubtedly would have that effect again if the price should be advanced to
maartally higher levels," said this banker. "As an outcome. Instead of
helping themselves our cotton farmers would run the risk of losing their
foreign market.
"The effect on the American textile industry also might be harmful.
Textile men feel that moderate-priced cotton would benefit cotton farmers
in the long run, because the consumption of the staple would increase. With
dear cotton, the textile industry, which already is in a depression, would
perhaps go Into a further decline."
The Texas holding movement is the first serious attempt to reduce production and boost the price of cotton since 1914. In that year the "buy a
bale of cotton" movement was launched to help the market, which was
thrown Into a near panic by the outbreak of the war and loss of the European
market. Only about 10.000 bales were sold on that plan, but the sentimental effect was said to have been helpful to the market by directing attention to the cheapness of the staple.
We likewise quote the following from the "Journal of
Commerce" of Sept. 28.
Samuel T. Hubbard Jr., President of the New York Cotton Exchange,
Texas plan
stated yesterday that there would be no official comment on the
for a cotton holding pool, backed by $100.000,000 of capital from the banks
of the Texas cotton belt.
"The first thing to do is to put the plan to hold a substantial part of the
Clay1926 cotton crop off the market, into instant effect." said William L.
ton of Houston. Tex.. over the long distance tele: hone. In reply to quest ions
the
of
earlier In the day submitted to Lamar L. Fleming, as to the attitude
firm of Anderson, Clayton & Fleming toward the American Cotton Association plan. Anderson. Clayton & Fleming are known to the cotton trade
as the largest Individual cotton exporters in the American trade.
Is Price Problem.
Mr. Clayton said the problem was to relieve the price of cotton from the
downward pressure of two consecutive yearly surpluses. aggregating (for
1925 and 19261 In round figures 7,000.000 bales abase the actual consumption of 14.000,000 bales in the 1925-26 cotton year and,as forecast. 14.500.000 bales for the 1926-27 year. Ile WAS of the opinion that the necessity of
arresting the further decline In cott n values has become a question of first
national importance in view of the injury to all Southern industry were the
average price to be at a still lower level than the present price.
It was not a matter of crop reduction but of price reduction, which Was to
be handled. After two 16,000.000 bale crops in succession, the likelihood of a third such yield, Mr. Clayton declared, was not great. Anyway, he asserted, the necesslt for crop reduction has been broeght.home
in the past. two months in n form and to a degree never before refllized.
and Mr. Clayton de laced himself confide t that the necessary withholding
of 3.000.000 bales of cotton would be followed, If not by higher by at least
stabill,
cd prices, and certainly by an adequate reduction of plantings
next year.
Doubt Effect on Prices.
The eigerness which it is claimed has been sh-wn to blame the New York
cotton trade for every break in cotton prices, has made individual trad 113
doubly cautious in discussing the proposed holding arrangement. It is.
however, the majority view that the price of raw cotton this autumn will
be governed by the large supply available to meet demands. In some
quarters a disposition is shown to recognize In the plan of Texas bankers,
merely a method f binding the growers to a 1927reeu-ed acreage program
by offering them an advance of ten cents pound on this year's crop.
The trade is not committed wholly to bullish or'earish view of prices.
Many cotton merchants insist that the monthly tables of ginnings and not
the forecasts of crop bulk will ultimately pros all, and that ginning,: are not
f record size as yet. But even the cotton bulls do not expect. much
stimulation from the cotton holding plan. Co-operati-n among the producers themselves is considered a requisite of a finrle sue essfu holding
plan. Co-operation, It is said, has so far failed to have the Southern
popularity expected for It.
A reewesentative of one of the oldest New York rotten houses said, "if
$100000000 lain sight to finance virtu I pool holding of cotton, the Dallas
Federal Reser..e Bank knows of it, and the Reserve Bonn! at Washington
knows about it as does the Secretary of Agriculture.
OCT. 2 19261
THE CHRONTCLE
1709
An Idea of the tremendous business of the Japan Cotton company Is
contained in the statement that this firm, one of the oldest and largest
organizations of its kind in the world, has an annual volume of 2.500.000
bales, of which 1.000.000 are American-grown. The manager of the new
local branch of this firm, Mr. Ramsey. Is a native of Georgia, his home
town being Toccoa. Habersham County. He said Wednesday that his
company will open large sample rooms here, samples of cotton purchased
In this territory to be shipped here for classification and Inspection.
Plan to Retire 3,000,000 Bales of Cotton Under Pledge
of Reduction in Acreage Announced at
St. Matthews, S. C.
A plan to retire 3,000,000 bales of cotton from the present
crop under the pledge of reduction in cotton acreage for the
coming year was approved by some of the leading growers,
bankers and business men in the South following a conference
Credit Relief Bank Formed in Danville, Va.
at St. Matthews, S. C., of bankers and business men called
by the American Cotton Association, according to an anAdvices from Danville, Va., Sept. 23 to the Richmond
nouncement made on Sept. 27 by the Association. The "Times-Dispatch," state:
A credit relief bank with a capital stock of $300.000 has been organized
Associated Press advices from St. Matthews said:
in this city. with A. M. Aiken its President. The purpose of the bank Is
to support already existing banks and to handle accounts which the regular
banks would not care to handle and bears the same relationship that the
Federal reserve bank has with the national bank. The credit relief bank
method is one copyrighted by Robert R. Murray. of this city, who has
announced that similar banks will be opened in other sections of Virginia,
West Virginia and Maryland, thirty branches being planned.
It was stated that the plan devised to solve the economic problem facing
cotton growers, has the endorsement of many of the financial institutions
extending credit in the cotton belt. The plan contains the following
financial provisions:
I. For growers who have pledged the growing of not cotton for 1927 the
entire cotton production for the present year will be financed on warehouse
certificates of storage for cotton fully insured for 70% of the value, these
loans falling due on May 1 1927.
2. For growers signing pledges to reduce their cotton for 1927 by 50%
as compared with 1926. one-half of the cotton they produce the present year
will be taken off the market for them and carried on loans secured by
certificates of storage loans falling due May 1 1927.
3. For all growers who sign pledges to reduce their cotton acreage for
1927 by one-third of the amount planted the present year, one-third of all
cotton produced this year will be carried for them on loans secured by
certificates of storage until May I next.
Should a grower fall to carry out his pledge, his loan would be called In
May and a renewal refused. Growers who carry out their pledges will
have their loans renewed until the fall of the year.
Harvie Jordan Says Cotton's Needs Are Up to Bankers
—No Other Way .to Suspend Law of Supply
and Berland.
An Associated Press dispatct from Greenville, S. C.,
Sept. 30, is taken as follows irom the "Journal of Commerce":
J. S. Wannamaker, President of the Association, is quoted
in the New York "Cummerc al" as having the following to
say regardirg the movemer t:
Never has there been a movement started which has met more unanimous
support. One Item In expense alone (cost of picking. ginning, bagging and
Um In many sections of the belt amounts to over 5 cents per pound of lint.
The total expense of production shows a net average loss in excess ot $511 per
bale. For this reason with the present record breaking low prices for cotton and cottonseed an unprecedented amount of cotton will go unpicked.
The statement is being nualt3 In a number of cotton-growing States that It
will be a useless expenditure of finances and effort to harvest the low grades.
A large amount of cotton will be left unpicked for livestock or plowed under
for fertilization. The plan to retire 3.000.000 bales meets unanimous approval in credit sources of the South and other sections of the nation.
Many growers will given written, legal. enforrible contract conditioned upon
financing their cotton until the f; II of the year 1927. as per the plan previously outlined. They will not permit their hinds to be platntd to cotton
(luring the condor season, agreeing to substitute food and feed crops. At
no time during the last third of a century has there been more co-operation
In regard to acreage reduction.
General endorsement Is given the three-year diversified farming program.
A plan for 20-acre diversified demonstration farms with an
outstanding
prize of $10.000 for the most profitable farm at the end of each of the three
years has been given endorsement by the financial world. It is believed
prosperous agriculturcl conditions will fellow.
I
Asserting that the South could not produce much less than 17.000.000
bales of cotton on 48.000.000 acres In 1926. when they produced that much
on 3-.000.000 acres In 1924, Harvie Jordan. ma ;uglier director of the American Cotton Association and Industrial Boll Weevil Camiaign, says there
is "but one sound and practical solution of the present problem." That
he finds to be the proposal already made that Southern bankers organize
and finance until next August the holding off the market of 3.000.000
bales, apportioned among the States.
Mr. Jordan also stresses the plan for a 25% red ellen in the 1927 cotton
acreage, to be utilized for food and feed crops. As to the price problem,
he adds that "If nothing is done aside from retitled :tett% hies at Washington, the situation will grow from had to worse." No bins. he believes,
can be gained from attacks on cotton exchanges and the Federal Crop Reporting Bureau. "The price of slot cotton Is fixed and regulated in the
commercial markets of the world, based on the it.exorable law of supply,
demand and consumption."
As to the boll weevil, he says: "There is at present widesrread knowledge
of the methods to be used in combating that evil, and the attacks of the
ins.cts in the past three years have been tom: aridly ely light."
Cotton States' Governors May Act on Prices—Mississippi
Executive Asks Conference on Formation of
Pools to Balance Demand,Supply—Gins
Close.
With Mississippi gins closing until better prices can be
obtained for cotton, and farmers rushing the picking that
they may market their crop before prices drop further,
Removal of Sales Offices of American Cotton Growers' Governor Henry L. Whitfield of Mississippi on Sept. 30
Exchange From Memphis to Atlanta—Parent Body
'called upon Governors of cotton producing States to rally
of Twelve Co-Operative Marketing Associations.
to the aid of the farmer, so it is stated in an Associated Press
In makirg known the announcement by C. B. Howard, dispatch from Jackson (Miss.) published in the "HeraldSales Marager, of the removal from Memphis, Tenn., to Tribune"which goes on to say.
Atlanta, Ga., of the general sales offices of the American
"The rapid decline of the price of cotton withil the last five weeks has
Cotton Growers' Excharge (the parent body of twelve brought the price below the cost or production." the Governor said in a
letter seat to other Southern executives urging them to appolut a delegation
State co-operative marketing associations) the Atlanta to meet
at a central point to discuss plans for alleviating the situation
"Corstitution" of Sept
Upon receipt of reolies signifying their agreemeat to his proposal. Governor
Whitfield will call a conference.
The Governor suggested as a meads of balancing the genuine demand for
cotton with the supply the formation of pools in every Soithern Statewith
suffIciett mrital to take the suni ins off the current markets
With the formation of such pools, the Governor would go a step further
and plan definitely for the regulation of the acreage of the next crop so that
the suri lus cotton might be absorbed. Governmental agencies and growers'
asoaciatIons already in existence would he urged to cro-ot crate in the &evemen.. While the need fir such Ste s is serious at this time. Governor
Whitfield urged that 011 air of yermunency should be given any machinery
set up as a result of the conference.
ills letter mime "lose after re.:orts from various roints in Mississippi that
gins were closing as a result. of anonymous messages()Merit g that oneratione
be ceased until better prices can he obtained. The messages were believed
to have come from riespontleat farmers. From other sections of the State
have come stories of cotton picking rarties in the moonlight with farmers
endeavoring to syeel up the marketing of their crop before prices fall further
The cotton states have lost hundreds of millions of dollars in the last five
weeks, the governor's letter said.
The other departments, which are those of system, traffic, field service
and the General Manager's office occupied by C. B. Moser will rentain
at Memphis.
The move to Atlanta was deemed necessary. Mr. Howard said, in order
to have the sales forcein riser touch with domestic mills in Georgia and the
Carolinas. The exchange, having just increased its force of salesmen
dealing directly with mills. In the AU:intim hopes to enlarge its business
with southern mills to a large extent. Southern mills consume about
4.500,000 bales annually, Mr. Howard said.
Best Year in History.
The only executives 40 go to Atlanta from the Memphis offices are Mr.
Howard and his son C. B. Howard. Jr.. who is his assistant. The new
offices In Atlanta will be In the Atlanta Commercial Exchange Buil'Ing.
'The Exchange is strictly a s; Ins organization, handling all of the cotton
collected by the 12, State associations. They sell on type entirely and
directly to foreign and domestic mills.
Mr. Howard calls attention to the fact that the cotton co-operatives have
Just experienced the best year in their history, with nearly
1.500.000 bales
handled during the past season. He declared that co-operatives have
entered the new season with the outlook for another record breaker in
volume of business.
Favors Southern Delivery.
"There are about ammo growers in all parts of the cotton
belt timont
the co-operatives." he said. "Farmers are joining the associations daily
by the scores. The entire cotton trade, farmers, business men, mills and
others are realizing the economical advantages of co-operative marketing
of cotton." He declared that the Exchange reports a large amount of
cotton, having representatives in 13 prominent European centres dealing
directly with mills. Co-operative cotton is shipped there in large lots.
Mr. Howard is strongly in favor of southern delivery of contract cotton
at southern ports and the abolition of New York as the exclusive delivery
port for New York contracts.
Department of'Agriculture Decides to Recheck Texas
Cotton Crop Estimate, Figures of Which Were
Disputed by Representative Black.
It is announced that Donald A. McCandless has been delegated to check the figures of the U. S. Department of Agriculture on' cotton crop conditions in Texas. Advices from
Washington to the Now York "Journal of Commerce" Sept.
30 state:
-Japan Cotton Trading Co. to Open Office in Atlanta.
The Japan Cotton Trading Co., with main offices in
Dallas, Texas, has arranged to open a branch office in
Atlanta, with George Ramsey in charge. This is learned
from the Atlanta "Constitution" which says:
Dr. S. A. Jones. a member of the Crop Reporting Board of the Bureau,
already is In Texas gathering information as to crop prospects.
Mr. McCandless has been assigned to this work following a request by
Representative Eugene Black, or Texas. that the cotton crop figures for the
State. made public incident to the last pronouncement of the Crop Reporting Board for the entire country's production. be rechecked before the next
report Is issued by the Board on Oct. 8.
Dr. Jones is expected back In Washington In time to participate in the
formulation of the next cotton crop report, It was stated to-day. He has
1710
THE CFIRONTCLE
[Vol.. 123.
According to the Washington correspondent of the New
spent several weeks in Texas visiting the various cotton-growing counties.
The thought is expressed that the crop prospects as indicated by the state- York "Journal of Commerce" on Sept. 21, an investigation
ments furnished the board by its crop reporters in the State were appalling
of trading on the New York Cotton Exchange in October
and that the members of the board thought it best to have one of their numfutures was urged of the Department of Justice in a telegiam
ber make an extensive survey of the fields.
It has long been the custom of the board during the growing season to that day from Senator Morris Sheppard of Texas. He also
have two of their members between report dates make trips of this nature
of Agriculture asking him if there
that they might better be able to visualize the situations in the various sec- wired the Secretary
tions. as outlined by the regional statisticians and the correspondents of was anything that he could do to determine whether or not
the board. Chairman F. W. Callender of the board recently visited North the October quotations on the New York board were being
Carolina. where he made an intensive study, visiting a large number of fields
in scattered sections of the State. It is understood that the knowledge he manipulated. Continuing, its correspondent said:
Late yesterday afternoon Secretary Jardine received a telegram from
thus obtained of condition of the crop in North Carolina was of great value
in the discussions among the members incident to the consideration of the Senator Joseph F. Ransdall of Louisiana reciting the relationship between
last report when the statements of the crop reporters in the field were be- futures on the New Orleans, Chicago and New York exchanges.
ing studied.
Ransdall Protests.
The protest lodged by Representative Black was referred
Senator Ransdall alleges that a study of the quotations might lead to
York exchange quotations were manipulated
New
to as follows in a Washington 'dispatch to the "Journal of the inference that on the
to the disadvantage of growers. By reason of this, at the time of sending
Commerce" on Sept. 29:
his telegram, the Senator said the farmers were losing e2 a bale on their
A re-check of the cotton crop estimate for the State of Texas, made by cotton and indicated that this was a great hardship on the producers.
the Crop Reporting Board. Department of Agriculture, al d issued in conThe Ransdall and Sheppard telegrams were transmitted by Secretary
nection with the report f Sept. 23, will be ordered by Secretary Jardine,
Jardine to officials of the Bureau of Agricultural Economics for a report
accordirg to Representative Eugene Black of Texas, who protested the in the matter. No information was forthcoming from them to-day,
correctness of the figures.
but it was indicated in view of the urgency of the requests of the Senators
Representative Black called at the Department to-day for a conference
report called for would be ready for presentation to Mr. Jardine
.head of the Bureau of Agricultural that the
with Secretary Jardine, Lloyd S. Tenni,
morning.
to-morrow
Economics,and members of the Crop Reporting Board. He urged that the
No Trickery Seen.
estimate for Texas was too high by not less than 500,000 bales and probably
The belief is expressed outside official circles that the Department of
as much as 750,000 bales.
Agriculture is without direct interest in the matter and that if there is
Cites Ginning Figures.
warrant for an inquiry it is up to the Department of Justice to act. But,
In support of his contention he cited the ginning figures given out by the it is added, the situation is looked upon as one not necessarily brought
Bureau of the Census on Sept. 8, which for Texas was 258,460 bales behind about by any concerted action among the traders on the New York exchange,
the same date in 1926, and that the report on Sept. 23 showed that the but rather that it is a proposition open to any one who wants to get into it.
ginning figures for Texas this year were still about 200.000 bales behind
At one time October options at New York, New Orleans and Chicago
the same date last year.
were selling at about the same price. Recently, however, the price on
He pointed out that the total crop in Texas for 1925 was only 4,165,000 the New York exchange dipped under that of the other two exchanges.
bales, and therefore it was impossible for the Department to be correct in The comment is that the difference was the result of normal trading conforecasting a yield of 5,259.000 baler for 1926, when the actual ginnings were ditions and not otherwise brought about as intimated by the two Senators.
200,000 bales behind a crop year of smaller production.
Such a production, he contended, would necessitate a good crop in every
section of Texas. He declared that the eleven counties of his own ConDaily Statement of New York Stock Exchange
gressional district will not produce more than 65% as much cotton as they
on Call Money Market.
did last year. The biggest crop Texas ever produced was in 1924. and was
slightly more than 4,800,000 bales, all sections having a good crop. This
The following are the daily statements issued this week
situation Is not present this year, he added, since large sections of the
by the New York Stock Exchange regarding the call money
State have a poor crop, and particularly has damage from root rot been the
worst in the history of the State. Some estimators, he told his listeners. market.
have pla ed the number of acres of cotton dead this year from that cause as
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
high as 2,800,000 acres. This one item of damage alone, he contended.
high. 5%%; low, 5%;last, 5%%. Approach of
would decrease the number of bales produced in Texas 500,000 bales from Sept. 27—Renewal, 5%;
end of month caused calling of loans and advance of rate. Modthat which would have been produced but for such damage.
erate turnover and in supply at close at 53. %.
Outlines His Stand.
Sept. 287-Renewal, 5Si %; high. 5Si %; low, 5Si%; last, AM %. Quiet
"The Department of Agriculture had been the only reporting agency
and steady with sufficient funds at 5S1% all day.
making a higher estimate than 4,500.000 bales." declared Mr. Black in a Sept. 29—Renewal, 5h%; high. 53%; low, 53%; last, 6Si%. Fairly
to
referring
his
declarastatement to-night. "For these reasons," he added
active day. Seasonal demands causing advance to 53i%, but
tions to the Secretary and his assistants, "I urged Secretary Jardine to set
with ample supply at the rate.
in motion at once a complete survey of the whole Texas cotton crop situation Sept. 30—Renewal, 53.i %; high. 6%; low, 53%;last, 6%. Preparation
with a view to getting any errors that may be found corrected prior to the
Oct. 1 payments as occurred last year brought about advance
issuance of the next cotton crop report, which is due Oct. 8.
to 6%, at which rate offerings were in abundance.
in
made
the
Texas
been
it
estimate
has
believe
I
size
"If an error of the
Oct. 1—Renewal, 5Si %; high, 5Si %; low, 5 %; last, 5%%. Money
Is a mater of tremendous importance to Texas and the whole South to
offered freely all day at the renewal rate of 5%.
have it corrected as speedily as possible. Secretary Jardine agreed that
of' previous weeks have appeared weekly in
Statements
errors
and that he
every effort should be made to check up any possible
would set in motion at once machinery to have the matter checked up, and our issues since July 10; last week's statement will be found
has given orders to that effect."
on page 1582 of our issue of a week ago.
S. A. Jones, a member of the Crop Reporting Board, now is in Texas
securing first-hand information on the situation. It has been expected
that he would return to Washington in time to participate in the formulaNew York Curb Market Calls on Members to Keep
tion of the Oct.8report,and to present for the consideration of his colleagues
Proper Books of Account.
a word picture of conditions in the State.
Secretary of Agriculture Jardine in Answer to Charges
of Manipulation in Cotton Futures Trading
Says Department Is Without Authority
to Act.
'In a statement with reference to complaints that future
trading on certain cotton exchanges had been the subject
of manipulation, Secretary of Agriculture Jardine announced
that he is advised that "manipulative operations in the
cotton futures markets are matters over which the existing
law gives the Department of Agriculture no control."
Secretary Jardine's statement, issued under date of Sept. 24,
follows:
Secretary of Agriculture Jardine has received from members of Congress
and other sources in the South complaints that future trading on certain
of the cotton exchanges has been the subject of manipulation, to the detriment of the cotton grower. These complaints have been accompanied
by requests that the Secretary take some action to correct this condition.
In reply to these complaints Secretary Jardine stated thaehe was aware
of the significance to cotton growers of the present price situation in the
futures market and of the various allegations of manipulation which have
been made from time to time. He stated that he had repeatedly condemred manipulation in the futures markets for agricultural products.
In the case of grain Secretary Jardine, under the Grain Futures Act, Ins
been able to deal effectively with situations somewhat comparable to that
now alleged to exist in the cotton market.
The Secretary expressed a desire to act energetically to the extent of
his lawful powers to protect the interests of the cotton growers, and asked
that the cotton statutes now administered by the Department of Aviculture be examined again for authority to inquire formally into the subject
of the complaints. The Secretary was advised, however, that manipulative
operations in the cotton futures markets are matters over which the existing
law gives the Department of Agriculture no control and concerning which
he does not have the authority to acquire essential information or to deal
with any situation discksed. It was pointed out that additional legislative authority is necessary bee re any really effective investigation can
be undertaken of conditions such as are alleged now to exist.
The New York Curb Market issued on Sept.23 the following notice to members:
1926, the
At a regular meeting of the Board of Governors, held Sept. 22
following resolution was unanimously adopted:
Resolved, That members shall keep proper books of account, including a
trading book in which transactions shall be recorded as made, and also
eackday
a purchase and sales book in which shall be recorded at the close of
each transaction.
A. B. STURGES, Secretary.
Trans-Lux Tickers on Curb. ,
is from the "Wall Street Journal" of Sept. 29:
following
The
New York Stock Exchange quotations direct from the Exchange will be
projected on the floor of the New York Curb Market through two mammoth
Trans-Lux Movie Tickers, completion of contracts for the installation of
which have just been announced by Trans-Lux Daylight Pictures Screen
Corporation.
This is the second time in the history of the New York Stock Exchange
that permission has been given to project its quotations on the floor of
another Exchange, the first being.the Trans-Lux Movie Ticker installed
on the floor of the Chicago Stock Exchange in January this year. issid
With the addition of these two installations to the two displaying their
own quotations. the New.York Curb Market will have four movie tickers in
op oration, while the New York Stock Exchange has brought its number
of installations to six.
W. A. Gove & Co., Boston Brokers, in Bankruptcy.
An involuntary petition in bankruptcy was filed in the
Federal District Court of Boston on Wednesday of this
week (Sept. 29) against the'brokerage firm of W. A. Gove
& Co., 50 Congress Street, that city, by three creditors with
claims aggregating $2,400. Earlier on the same day, it is
understood, the firm had notified the Boston Stock Exchange of its inability to meet its contracts if pressed to do
so, and had been suspended from that body,following which
it had made an assignment to Edward E. Ginsburg, for the
OCT. 2 1926.]
THE CHRONICLE
1711
benefit of its creditors. The failed firm consisted of Wesley Some time ago, it is understood, bow, who had formerly
A. Gove and David S. Bronski.
pleaded not guilty, changed his plea to gulity. The Boston
paper stated that United States District Attorney Harold
Consolidated Stock Exchange Ticker Service Opposed Williams had soggested to the Court that a fine be imposed
instead of a jail sentence (a severe sentence being usually
by New York Stock Exchange—President
meted out to a guilty defendant in such cases), because he
Evans Declares Ticker Service Protected.
The New York Consolidated Stock Exchange, already found there were mitigating circumstances in Dow's case.
severely handicapped in its business as a result of action by He (Dow) had been examined by physicians, the District
State Attorney-General Ottinger, is now threatened by the Attorney said, and they had discovered that he had an ailloss of its ticker service. What is said to be the probable ment wh!ch would recur from time to time and which was
death blow to the facilities for trading on the "little board," likely to prove fatal. The Dow company failed in 1925,
was dealt by the New York Stock Exchange in the form of following the firm's expulsion from the New York Stock
a notice to the Western Union Telegraph Co.(which operates Exchange. A composition offer of 10% to unsecured credithe ticker service) announcing that it no longer approved tors was subsequently made, and, it is understood, was paid
sending stock market quotations over the ticker to the floor recently, totaling $451,378. Full payment, it is understood,
of the Consolidated Exchange. This message was im- was made to priority creditors. Our last reference to the
mediately communicated to the Consolidated Stock Ex- company's affairs appeared in our issue of Aug 14 1925,
change. The following in regard to the matter appeared page 797.
in the New York "Times" of Sept. 26:
G. L. Miller & Co. Now in Bankruptcy Court.
The Cons lid tad Stock Exchange, sadly weakened in strength as the
result of acti,n by the St-,te Attorney-General, is now in danger of
Petitions
in bankruptcy were filed on Sept. 25 in the
losing
its stock tickers. it was learned yesterday (Sept. 25).
The loss of the tickers, which enable the operators on the minor exchange United States Disttiet Court in this city against G. L.
to keep in touch with fluctuations of prices on the New York Stock Ex- Miller & Co., Inc., dealers in realty mortgage bonds, and
change, it is believed may mean the end of the Consolidated.
the Investment Banking Corp., subsidiary concern. Both
The latest blow was in the form of a message from the New York Stock
Exchange to the Western Union Telegraph Co.announcing that it no longer companies (as noted in our issue of Sept. 4, page 1192)
approved of the sending of Stock Exchange quotations on the ticker to were already in the hands of a receiver, Lawrence Berenson,
the Consolidated.
stated, when asked to explain the bankruptcy proFrancis R. Stark, General Solicitor of the Western Union. said last night who
that on receipt of the message from the Stock Exchange he had forwarded ceedings that they were merely protective measures in the
it to the Consolidated. He said that no reply had been received from an interest of unified administration. As regards the filing
official of the latter organization as yet.
It is believed probable that unless an injunction is obtained, the state- of the petitions, we quote the following from the New
ment of the Stock Exchange that it did not approve of having its quotations York "Times" of Sept. 26:
go to the Consolidated on the ticker will result in the Consolidated losing
that extremely important service.
An injunction prohibiting certain alleged illegal practices on the Consolidated Exchange, which was obtained by Attorney-General Albert Ottinger
last February, caused a marked depreciation in the amount of business
done there.
It was believed for a time that the Exchange would disband, but the
large
building housing it at Broad and Beaver streets was sold to A. E. Letclurt
for $1,400.000, the Exchange moving into smaller quarters at 14 Pearl St.
Members were fewer than when business was done in the old building and
the amount of business transmitted was much smaller.
At the first of the present week Philip Evans, President of
the Consolidated Stock Exchange, issued a statement in
which he declared that the instructions of the New York
Stock Exchange to the Western Union Telegraph Co. to
discontinue ticker service to the. Consolidated Exchange was
a violation of an injunction obtained nearly forty years ago
and affirmed by the highest court of the State of New York.
Mr. Evans's statement follows:
The petition against Miller & Co. was filed by Cravath. Henderson &
de Gersdorff, attorneys for the Pabst Electric Co., Inc., claiming $413, 73;
The Koss & Harris Press, Inc., $21 90, and the Herrlein Henrich Co..
$250. The petition against the Investment Banking Corp. was filed
by the firm of Rosenberg & Ball, attorneys for the receiver in equity.
Neither petition contains an estimate of liabilities or assets. The
petitioners against Miller & Co. allege that the corporation owes more
than $1,000 and is insolvent. Mr. Berenson alleges that the Investment
Banking Corp. owes Miller & Co.$2,153,000 in excess of securities pledged.
Miller & Co. made the following statement:
"For the purpose of more effectively administering the affairs of G. L.
Miller & Co., Inc., and bringing about a more unified administration for
the purpose of conserving its assets the company deemed it advisable to
place itself under the jurisdiction of the bankruptcy court. The effect
of such action will be to administer the affairs of the company in one
court instead of ten or more courts as is now the case under the numerous
equity receiverships in various States.
"The receiver of G. L. Miller & Co. and the Investment Banking Corp.,
appointed by the United States District Court in the main proceedings.
will continue as receiver in the bankruptcy proceedings.
"The company regards itself as solvent and desires further to point
out that it has not conceded insolvency in this bankruptcy proceeding.
"Bondholders are again cautioned not to make sacrifices in the sale
of their bonds and should, as heretofore, ascertain the value of the properties
securing their bends. The intrinsic value of the bonds is not affected
by the court proceedings and the mortgage ssecuring the bonds on the
properties are not affected by the receivership."
The ticker service of the Consolidated Stock Exchange is protected bv
an injunction judgment of nearly forty years standing, affirmed by the
highest court of the State of New York.
The instructions of the New York Stock Exchange to the Western Union
Telegraph Co. to discontinue our ticker service is nothing less than a direction to the telegraph company to violate an injunction of the highest
The appointment of Mr. Berenson and of William H.
court of this State.
Rumors to the effect that the fund derived through the sale of the Ex- Harldns of Philadelphia, as ancillary receivers for G. L.
change building may be used in a fight to keep our injunction tickers are Miller & Co. in Philadelphia, under a joint bond of $15,000,
malicious and unfounded in fact. This fund has been kept intact and will
be distributed amongst the members promptly after title to the sale of the by Judge Dickinson in the United States District Court in
that city, was reported in the following dispatch from
Exchange building is closed, which we expect • will be next week.
Any funds which may be needed to fight for our legal rights in an effort Philadelphia
on Sept. 10, printed in the New York "Comto retain our "injunction tickers" will be furnished by those members who
intend to continue the Consolidated Stock Exchange after the distribution mercial" of the next day:
of its cash assets.
As a consequence of the appointment by the New York Federal Court
In addition to the proceeds derived through the sale of the building, all last Friday (Sept.3)ofreceivers for G.L. Miller & Co.,Inc.. and the Intrestof the cash In the various funds of the Exchange and its concerns will be ment Banking Corporation of New York, United States District Judge
distributed, after setting aside a reserve for the payment of any just claims Dickinson here to-day appointed ancillary receivers to take charge of the
and obligations of the present membership.
assets of the two corporations in this city. Lawrence Berenson of New
A full and complete accounting will be furnished to each and every York and William H. Harkins of this city were named receivers, under a
member.
joint bond of $15,000.
Joseph L. Goodman, a creditor, who instituted the New York proceedThe Consolidated Stock Exchange on Thursday of this
filed suit here to-day for ancillary receivers, who will take over whatweek (Sept. 30) moved to new quarters at 14-16 Pearl Street ings,
ever assets there are in this jurisdiction. So far as is known,the assets in
without interruption to its ticker service. In reporting the the local office consist of the furniture and equipment, bank accounts.
the amounts of which have not yet been ascertained, and probably stocks
removal of the Exchange, the "Times" of Oct. 1 said:
and bonds.
All three of its stock tickers were transferred to the new
quarters and
placed in operation. The Western Union Telegraph Co., which had
According to an Associated Press dispatch from Pittsburgh
been
directed by the New York Stock Exchange to withdraw the tickers, made on
Sept. 24, which apofared in the New York "Journal of
the installation.
It was reported yesterday that the Stock Exchange was considering the Commerce" of Sept. 25, Joseph E. Fortier of Pittsburgh
legal phases of the question, and that the next step probably would be an has been appointed ancillary receiver of the firm in that city.
application to have set aside the injunction which protects the Consolidated
The "Evening Post" of this city on Sept. 15 printed the
in the use of the tickers.
Philip Evans, President of the Consolidated, declined yesterday to discuss following in regttrd to the company's affairs:
The hearing to determine whether the Sagamore Apartments, Inc., of
the organization's plans.
Bronxville and G. L. Miller & Co. violated the Martin law in floating a
$575.000 bond issue continues to-morrow before Referee Maurice Block.
C. P. Dow, of Defunct Brokerage Firm of C. P. Dow &
The proceedings were brought by Deputy State Attorney-General Keyes
Winter, who charges the apartment house was not worth $990,990, as mainCo., Boston, Pleads Guilty, and Is Fined $2,500.
tained in the Miller company's advertisements when the bonds were sold.
According to the Boston "Transcript" of Sept. 21, C. P.
At yesterday's session, clashing estimates of the value of the property
DOW, of the failed brokerage house of C. P. Dow Sr• Co., were received in evidence.
William B. Hogan, real estate appraiser of the city; declared he had
Boston, on that day was sentenced in the Federal District valued
the building at $440.000 on June 2, at which time ho knew nothing
Court in Boston by Judge A. Lowell to pay a fine of 82,500, of a bond issue. The appraisal, he said, was made
at the request of John
following his plea of guilty to an indictment charging him J. McMahon, Secretary of the Sagamore Building Co.
The estimate, Hogan explained, did not cover all the fixtures nor the
with using the mails in connection with a scheme to defraud. expense of laying out the ground.
1712
THE CHRONICLE
[Vor,. 123.
to be paid by Kentucky banks on time deposits. Reference
to the action at that time was made in our issue of Aug. 21,
page 936. That part of the report of the resolutions committee approved at the September meeting which proposes
. The New York "Times" of Sept. 18 in reporting the pro- that the rate be limited to 3% reads as follows:
ceedings at the previous day's hearing of the investigation
Incident to the readjustment following the war, the whole United States
into the company's affairs before Referee Maurice Bloch, suffered from a short time collapse of industry and a sharp rise in money
rates. During this time the banks were pinched for money; rates were so
said:
high on the best Investments that banks could afford to pay high rates for
The company insists it has been discriminated against, maintaining
favoritism has been shown the Lawrence Park Realty Co.. which owns
much property in the section.
William A. Curtis, a Mount Vernon real estate dealer, testified the
Sagamore property, 100% tenanted, was worth $850,000.
Of the $65,000,000 in bond issues underwritten by G. L. Miller & Co..
30 East Forty-second Street, since it started its real estate investment
brokerage business in 1920, issues aggregating $16.880.000 are in default
through failure to meet interest and amortization payments, according to
the testimony yesterday before Referee Maurice Bloch, at 51 Chambers
St., of W. C. Coart, Assistant Treasurer of Miller & Co.. now in the hands
of a receiver.
The hearing was a part of Attorney-General Albert Ottinger's investigation
of the investment brokerage situation throughout the State, and was conducted for him by Deputy Attorney-General Keyes Winter, head of the
Anti-Stock Frauds Bureau.
Mr. Coart said that Miller & Co.'s practice of pooling the proceeds of the
sales of bond issues for various building enterprises. and also of pooling deposits made by borrowers to meet interest and amortization payments. in a
general fund which he called a "trust" fund, was not peculiar to his firm,
but was a practice commonly followed throughout the State.
"This practice." said Mr. Winter,"is a menace to the public. It amounts
to pyramiding, borrow Mg from Peter to pay Paul. It is both unsound and
unsafe, and its followers face an inevitable crash, such as the one, or worse
than the one which has thrown Miller & Co. Into a receivership. Already
my investigation has disclosed that the practice has been followed by others.
and my inquiry will be broader than Miller & Co. alone.
"The facts brought out by the investigation have decided me to recommend to Mr. Ottinger that remedial legislation be sought as soon as possible
from a situation that is menacing. Moneys received from bond issues for
•a going enterprise, or building, should not be used to melee payments on a
building enterprise that is a failure. And that is what has been done.
The actual amount of the defaults on enterprises underwritten by Miller
•& Co. is $780,844. This means that interest and amortization payments
on bond issues aggregating $16,880.000 have not been met as due, and
although the defaults to date amount to only $780.844. the enterprises for
which these bonds were issued may not be able, according to the AttorneyGeneral's office to meet any more of the entire aggregate of $16.880.000.
The Assistant Treasurer said there was due to persons putting up buildings a total of $7.694.772 on underwritten agreements. and that he had
collected from borrowers. on amortization payments and interest.$1,857,000.
His figures showed that Miller & Co. had unsold bonds amounting to $5,925.000, which must be sold to meet underwritten agreements.
The witness said that the Investment Banking Corporation, a subsidiary of Miller & Co.. and also in the hands of a receiver, had taken over.
either through foreclosure or receivership, four buildings which the corporation was now operating. These are:
The Fort Sumter Hotel at Charleston, S. C., which was taken over at
1493,000. although the bond issue for that building was $515.000.
' The Orange Court Apartment Hotel, Orlando, Fla.. taken over at
11,089,000 and for which the bond issue was $540,000.
Stoneleigh Court. Dallas, Tex., taken over at $1,607,000, bond issue
1700.000.
Meridian Court Apartments, Indianapolis, Ind., taken over at $592,000
bond issue $350,000.
money. Since 1921 a change has taken place in the investment market and
in banking that is little short of a miracle. From a scarcity of money we
have rapidly acquired a plethora of money. Our liquid resources and money
available for industry and business are inconceivable. The decline in rates
paid for credit by industry, has, during the past few years carried the cost
of credit to very nearly the lowest in the history of our country. With
the plethora of money and lesser purchasing power, the cost of operating
hanks have risen. Yet a majority of the banks of Kentucky, including a
majority of the capital invested in banking, is still paying a premium rate
on deposits; a rate as high or higher than was paid when 'operating costs
were lower and loaning rates were higher.
Such practice tends to hold local rates high, diminishes banking profits,
frequently to the vanishing point, deters needed capital from coming Into
the banking business, holds back State and community development and
weakens the whole banking system. Interest bearing deposits should not
pay a rate competitive with investments. The liquidity of such funds,
their ready availability to the depositor is a factor of the greatest value
for the depositor and for which he is willing to pay in the form of a small
return. The rate paid on deposits should yield to the depositor a fair
return and at the same time afford the bank a margin of fair profit for the
service rendered to the depositor and the community.
It lathe judgment of this Association that a rate of 3% on interest bearing
deposits Is fair both to the depositor and to the bank, and that the banks
of Kentucky can render a more substantial service to the public and the
banking business if such a rate be fixed as the maximum throughoutthe State.
The Association also pledged itself to support the program
of the State Administration for the two bond issues to be
voted upon at the November election. In addition to the
extract given above, the Louisville "Courier-Journal" giVes
as follows the•other features in the report of the resolutions
committee:
The successful administration of the affairs of this association require a
large measure of unselfish seta ice from its Frezieent and got emit g officials.
The past year's admiaistration has measured up to the best tradition of the
association and the members in corn anion assembled express their cordial
appreciation to all who have served it so well.
The Feleral Resort e System came into being at the beginning of the
greatest war of all times. It stood the mightiest strain ev er imposed
upon any financial system in history. This system carried on through
the war; withstood the shock of sudden reace: the disassemblit g of the
machinery of the nation at war and its conversion into a mechanism
of reace. No severer test of the stability, adaptability and practical
utility of a bankli g system is imaginable. The re-eaactme.4 of the Federal
Reserv e charter should be accomj lished at the earliest date possille and no
chance taken on allowing the bank' g system to become a political issue
and the country exposed to the calamity of the an iration of the charter.
This association, therefore, reap ectfally urges the Congressional delegation
from Kentucky to support such a measure.
State Hospitals Disgrace.
Failed Georgia Banks—Twenty Now Reported Reopened
• and Thirty Expected to Resume Operations Soon.
A dispatch from Atlanta, Ga., on Tuesday of this week,
-Sept. 28, appearing in the New York "Evening Post" of that
date, stated that twenty of the chain of Georgia banks which
/ailed recently had reopened and that officials of the State
..Banking Department believed that when arrangements under
,way had been completed,fifty of the closed institutions would
again be doing business. The dispatch follows:
The condition of the State hospitals for the insane, charitable and penal
Institutions is a disgrace to the State and a crime against the uc fortunates
detained in them and for whose decent kee I. g the citize s of the State
are responsible. The unsound and 'costly method of financi g the expenses
of the State by warrants without fixed maturity re reseatli g a fluctuating
floating debt expose the taxpayer to the hazard of unnecessary costs and
possible embarrassment of State ere: it. The burden of bond issues to meet
our obligations in these respects is negligible and the need is so great that
relief should be had at once. This association, therefore, I le ges itself to
support the program of the State Admidstration for the two bond issues
to be voted upon in November for these purposes and urges its members
actively to lend their influence to a successfel leave of the election.
With twenty of the eight-six bar ks that recently failed in Georgia reThe naturial resources of Kentucky hate ham ly beer touchel. Her
opened for bush ess, with two other bat ks ready to resume, and with fertile lands are sparsely settled and ge erally poorly cultiv ate : her hills
prospects bright for reorganization of the entire chain of bat ks operated are teaming with minerals and her unharnessed waters are flowl g to the
by the Georgia State Bank, the Situation as regards the banks involved Sea. But howev er great her natural resources may be, the greatest of all
In the receut failure seems encouraging.
her resources is her man power and woman power. her boys and girls, the
Officials of the State Banking Department believe that, when arrange- men and women of to-morrow. The cducation of her youth, the better
ments under way have been corn- tetrad fifty of the closed institutions will equipment of mind, and the training of efficient and capable citize -ship is
,again be doing bush ess, these re;resenting at least 662-3% of the resources the dr.e sure means of realizit g upon all her other potential values and
of all the bat ks involv ed in the ft. lu.e.
lifting Kentucky to the I lace which we wer Id hat e her occu-y. EducaOf the closed banks, twenty-one were branches of a single institution— tional experience has prey ed that education works downward and
not
the Georgia State 13at k—reducirg the actual number of tailor s to sixty- upward. Set a high standard that challeages the ambition of youth and
five. Resources of the eight-six bar ks combir ed totaled oily $18,000,000.
step
in
the
The
first
upbuildic.g of a higher
youth will striv e to attain it.
compared with resourc es of $297,800,000 for the State banks in Georgia.
educational plane for Kentucky should be the cm.elo met of a great,
Thus at a high estimate they involve only a little more than 6% of the well-equipped. State Unit ersity pre tired and able to eerie its
sons and
banking resources of the State.
daughters, and at the same time the dm elop ment and exte..sion of the
If present arrar gements go through as expected, it will mean that only country high school system and the common schools.
$6.000,000 of ti e $15,000.000 involved will be lost to depositors, and
Highways Needed.
these largely in the smaller banks of the Manley system.
It seems virtually certain that legislation will be considered at the 1927
One of Kentucky's greatest needs is a complete and comprehensive
session of the Legislature for closer supervision of State banking and trust system.of hard-surfaced highways. Good roads are not o..Iyacc eiumational
,companies by the State.
force of the greatest value, but a direct and immeliate stimulus to the
developmeat of the material resources of the State. We commend the
State Admidstration for the progress it has made in the c'en elorment of
'Kentucky Bankers Association Again Declares for 3% Vie road system and pledge our support to a continuance of the hignway
building program.
Interest Rate on Deposits.
Assist Agriculture.
The Kentucky Bankers Association at the closing session
One of the greatest services that this association has rendered its members
on Sept. 16 of its annual convention held at Louisville has been the upbuilling of a spirit of co-operation in worklag out problems
in varying degree affect all members. The association necessarily
• approved a report of the resolutions committee declaring that
can work out oily the larger problems of more or loss State-wide interest.
that "it is the judgment of this Association that a rate of The work undertaken by the association can be made much more effective
its members in local groups through which inter3% on interest bearing deposits is fair to both depositor and by a closer co-operation ofother
problems can be solved, which it is impraorates on deposits and
bank, and that the banks of Kentucky can render a more est
Unable for the association directly to handle: We heartily commend the
substantial service to the public and the banking business program suggested by the President of organizing county associations and
the succeeding administration to take the necessary steps to perfect
if such a rate be fixed as the maximum throughout the State." urge an
such
organization.
At a special meeting in July members of the Association
The recovery of agriculture in the State is almost imperceptibly slow.
the
resolution
be
maximum
urging
that
3%
The
members
of this association have always and do now stand ready to
a
rate
adopted
OCT. 2 1923.]
T1TE CHRONTCLE
1713
do all In their power within the limits of nrudent banking to assist and foster
agriculture. It Is our juegment that the problems of agriculture must be
worked out by the united efforts of those engaged in and interested in agriculture and not by legislation, and we re-affirm our interest in the rehabilitation of Kentucky's greatest industry.
We anrrove the congratulate the Banking Denartment of Kentucky on
the courageous, conservative and constructive service it has rendered in
the handling of the many difficult problems before it.
Respectfully submitted,
W. F. BRADSHAW,
Chairman for the Resolutions Committee
and Whitmarsh as Federal Reserve Bank directors will
expire Dec. 31 1926. The committee recommending their
retention consist of: S.0.11. Turner (Chairman), President
the Second National Bank of Elmira, Elmira, N. Y.; Jacob
H. Herzog, Vice-President National Commercial Bank &
Trust Co., Albany, N. Y.; D. E. McKinstry, President
Highland National Bank, Newburgh, N. Y.; Robert J.
Buck, President Northern New York Trust Co., Watertown,
N. Y.; H. E. Hawxhurst, President Bank of Westbury,
Kansas State Bank Commissioner Levies Third 1926 Westbury,N.Y.;Edmund S. Wolfe,President First National
Bank, Bridgeport, Conn., and Spencer S. Marsh, ViceAssessment Upon Guaranty Banks — Two More
President and Cashier National Newark & Essex Banking
Levies to be Made This Year Under Provisions
Co., Newark, N. J.
of Guaranty Law.
The follow:re is from the Toneka "CnoitnI" of Sent, 25:
Kansas state harks themselves will have settled all but the legal Phases W. Randolp
h Burgess on Influence of Reserve System
of windirg up the state guaranty law, judging from the trend of the last
on Commodity Prices.
few months.
Roy L. Bone. State Bank Commiasioner, stated yestereay that there
In an address in which he undertook to discuss the influence
are only about 275 banks left und'er the act, about 350 having withdrawn
of the Federal Reserve System on commodity prices, W.
since last January.
"I suppose some more of these smaller banks will withdraw soon," Bone Randolph Burgess, Assistant Federal Reserve Agent
of
admitted frankly. "I have sent wit notices to-day of another assesamect.
the Federal Reserve Bank of New York, noted that "in
making the third of the the to be levied this year, and I doubt if
all the 275 general it seems to be demonstra
ted by experience that a
will pay It."
discount rate lying between the commercial paper rate and
Len/ When Fund is Short.
Uncle* the law the bank commissioner must levy an assessment of
one- the rate on bankers' acceptances constitutes a rate at
twentieth of the imarantee I de 'emits when the levy is made, wherever
which banks will borrow for genuinely important needs,
there is not sufficient me'ey in the fund to meet outstanding
obligati° S.
Be Is limited to fin e of these assessments in one (inlander year,
at which they will not borrow for lessimportant needs."
but
hove e.
The fund at press •t is short around four or fin e million dollars
of meeti g The address was delivered at the dinner of the American
its obilgaticris if :ill the re-eivershi-s were closed, and about a million short.
Statistical Association on Sept. 24, and we give it in full
of meeth g obligations where the receiverships are wound up or ready
to
be wound ur.
herewith:
The assessment levied 'yesterday is the third this year. Another will he
levied next mii•:th or early I.1 NON ember,and the fifth in December. When
the first assesswei t was le lee last January there were 630 banks
in the fund
Then the sin reme court handed down an opinion that banks could withdraw
by forfeltil g the bonds they had put up to guarantee they.would
meet such
assessme..ts.
Bonds Amount to $1.000,000.
The bonds amount to one million dollars and the
obligations of the
guaranty find last
g were bettor than four million dollars. One
hundret twe uy-fin e btu ks withdrew
from the fund between January and
June, whet the second assessment was levied.
Of the few more than 500 banks in the
fund the first of June, only 275
paid the June as.oNsme.lt, which raised about $90,000.
a mere drop in the
bucket whe I it, comes- to mee-,1 g the obligations of the guaranty fund
to
depositors In more than 100 failed banks.
Now Bo, e his levied another assessment
on the 275 banks,and is waiting
to see the effect.
C. R. Green, Manager Bank of North Dakota, Proposes
Guarantors' Protection Fund for Savings Accounts
—Says Guaranty Fund Law Has Failed.
The followir g from Bismarck, N. D., Sept. 18, appeared
in the Mi^reanel;s ".Tonr”a1":
Among rlans for amendment of the State Guaranty Fund
Law which
may be presented to the,coming session of the Legislature for consideratio
n
is one advanced by C. R. Green. Manager of the Bank of North
Dakota.
Green recently attended a conference of Minnesota bankers
at which a depositors' guaranty fund law for that State was considered.
Green is quite frank in expressing the belief that the Guaranty
Fund Law
in North Dakota has failed miserably. It has some $30.000,000
in liabilities piled un against it, and a nros-ect that it will not fight clear
for years,
even if the horde a gets no greater, he pointed out.
"Still," he said, "there is some good In it There usually is
some good in
anything that is bad just as there usually is some bad in
most things that are
good."
The main problem, as he sees it, Is to protect both the
owner of the small
savings account and the banks. Persons coming in the
investor class would
have to look out for themselves.
His plan is to create a srerial protection for savings
accounts of $1.000
or less, through a guarantor's protection fund similar
to that. now In use.
This would protect the small savings denositor and give him
assurance that
,his money is safe. The next step would be to limit
use which banks could
make of funds so decositei and limit the amount they
could
accept from
any individual under such circumstances. The banks
would by law be limited in investment of such money to certain kinds
of liquid and ultra-conservative securities, thus protecting the guaranty
fund from likelihood of
any drain.
Banks which did not care to meet requirements
of such a law, would be
barrel from accenting savings deuosits.
"The man with from $10 to $1.000 Is not usually
an investor. He is a
saver." exnlained Green. "He hasn't the time or
the inclination to look for
an investment. So he puts his money either in
the bank or in his sock.
When he gets more than $1.000. he then
can look around for an Investment.
His funds have grown large eaough to justify him
in doing something with
them in it constructive way."
The highest claim made against the present guaranty
fund totaled more
than $00.000.
Re-election of R. H. Treman and T. F.
Whitmarsh
as Directors of Federal Reserve Bank of
New
York Urged by Committee Representing Bankers' Associations.
The renomination of Robert H. Treman, President
of
the Tompkins County National Bank of Ithaca
as Class A
director, and Theodore F. Whitmarsh, President
of Francis
H. Leggett & Co., as class B director, of the
Federal Reserve Bank of New York is recommended by a committe
e
appointed by the bankers' associations of New
York, New
Jersey and Connecticut. The terms of Messrs.
Treman
In recent months there has been considerable public discussion of the
responsibility of the Federal Reserve System for the movement of cornmm'ity prices. A bill has been introduced into Congress charging the Fed..
ern] Regina e banks with such resnonsibility.
'
Thus, In any discussion of the forces influencing the present trend of
Prices It Is Repro-Mate to make some analysis of the powers and limitations
of the Reserve System in influencing Mice&
That school of thought which credits the system with large control over
prices follows a classical and apparently logical lire of reasoning. They
say, first, changes in commodity prices are a direct result of charges in
the
volume of ere 'it: and second, the Reserve System controls the volume
of
credit; and therefore the Reserve System has co mud of price changes.
.
The ReserI e System is too young and its operations have taken
place
Oils far under too unusual conditions for us to test statistically the
extent
of its I iflpence on prices. This is especially true when we are discussing,
as we are to-night, the long-term tendency in prices.
In the abse •ce of valid statistical evidence I sho-1 like to do two things.
I should like first to suggest a number of qualifying factors which, it seems
to me. alter and dampen the apparently direct connection between Federal
Reserve action and commodity Prices. Then I should like to discuss
the
necha 4171 by whi^h the Reserve System exercises what i finance it has upon
the volume of credit. For I think a discussion of mechw ism will help us in
forming a eiscriminating judgment as to the exte t of the i fluence.
Let me proceed, then,in the first Flare, to mention a few of those
factors
which, it seems to me, pre-ent a direU relatiorship between Federal
ReBiro action and the movement of commodity prices.
First, let me call to your atte Mon the fact that In times past the movement of commodity prices has not been princinally a domestic problem
bi t has beet a world problem For the past 100 years commodity
prices
In the United States, England, Germany and, in fact, any other countries
t-r which we have any data, have moved with a remarkable
degree of
similarity, and yet these different countries have had very different
banking
and credit systems. Some of them have had ce tral banking
institutions
with as great powers as our own Federal Reserve System.
In spite of
these rtiffere -ces no country appears to have been able to divorce
the
movement of its own commodity prices from the world movement In prices
for any exte tied reriod. Such divorce has been possible in short
periods
such as in the Civil War when we went off the gold standard,
or after the
Nanoleonic wars, but in the long run the statistics of past exnerience have
Indicated that the trend of world prices has been resronsin e to the movement
of major forces over which central banks have had little if
any control.
If for the next 20 years the world trend of prices should be downward
I do
not, anticipate that the Federal Reserve System could maintain
commodity
prices In this country at a stable level. Similarly I doubt
very much
whether the Reserve System could have prevented altogether
the war and
post war rise in prices and the subsequent decline. As
long as this country
is linked to the rest of the world by so many bonds of
trade we can hardly
diverse ourselves from any severe or long extended
movement In world
prices, although, of course, our own credit policy
has an influence upon the
world tendency.
Second, It seems to me clearly necessary in this matter to
distinguish
between different kinds of prices. In the equation
of exchange I think
that the researches of my associate, Carl Snyder.
have shown clearly that
we must use, not commodity prices, but
the general price level which
includes wages, rents, security prices, the whole range of retail
prices as
well as wholesale Prices.
Suppose we assume that the Federal Reserve System were to
have
derided Its w Hey in 1926 solely with regard to price stability.
Security
prices were rising; the cost of living was declining a bit: commodity
prices
were falling; wages were rising. In such a diverse movement of
prim: it is
practically ImoossIble for the Reserve banks to determine policy
solely from
the point of view of price stability. Actually, what. the Reserve
bank would
have to do in a situation of that sort is to turn their thoughts to
the credit
situation to see how credit was being employed and whether the volume
of
credit was increising more rapidly than what might be considereti
the
normal secular growth.
Another interference between the direct operation of central bank policy
and prices may be found in changing laws and customs as to hank
reserves.
We are accustomed to think of the increase In prices from 1896 to 1914 as
due largely to the increase in this country's stock in gold, but it is
also
worth noting that during that period the percentage of bank. deposits
to the
gold and money was diminished, duo in part to the wiser use of checks
and
In part to the laws and customs as to bank reserves. If the lerislatures
of a
number of States lower the reserve requirements for their banks, It
almost precisely the same effect in making additional credit available ashas
an
import of gold.
1714
THE CHRONTCLE
[Vox,. 123.
Similarly, the Federal Reserve bank stands ready at all times to buy
There are a number of other interferences which produce a good deal of
static for commodity prices when they are listening in on Federal Reserve bankers' acceptances at its fixed rates for such purchases, and the initiative
broadcasting, and if more time were available it would be interesting to in each of these transactions is taken by the bank or dealer who sells the
go into these. They would include the changing customs as to the use of acceptance to the ReserNe bank. The action of the Reserve bank officials
credit, such as the amount of hand-to-mouth buying, the rapidity of trans- in changing the discount rate, in talking to the member bank concerning
portation, the changes in the labor supply, and perhaps, above everything the principles under which borrowings should be carried on. and publishing
else, the changes in the psychology of the period. In the past few years economic data—all of these gecome slant ly part of the psychological backwe have had the remarkable occurrence of easy money conditions and ground of the banker when he decides whether or not he shall call into use
declining commodity prices. There are a good many possible explanations, an additional amount of Reserve bank credit.
but I believe most important is that the world is going through a period
We are gradually learning something of the way in which variations in
of credit conservation. After the orgies of the war and post-war period, the Federal ReserNe stage setting affect the borrower, and I wish there were
business men and bankers are doing their utmost to guard the extensions time to-night to discuss the problem more fully. The following brief comof credit, to conserve the gold supply, and to diminish the cost of production ments may be made.
and increase efficiency. It is a totally different world atmosphere from that
In general it seems to e demonstrated by experience that a discount rate
which prevailed before the war.
lying between the commercial paper rate and the rate on bankers' acceptThe conclusion which I should like to suggest from this preliminary ances
constitutes a rate at which banks will borrow for genuinely important
discussion is that the Federal Reserve System is one of many influences on needs,
but at which they will not borrow for less important needs. Of course
commodity prices, and there are many limitations to its responsibility for the rate
is more effective in the case of the city bank than in the case of
such prices. I should not want to give the impression, however, that the the
country bank, and the influence of the rate is perhaps in general more
Reserve System has no responsibility in this direction. I believe that lar ely
psychological than pecuniary. I believe that there are excellent
central banking policy is an important influence upon commodity prices,
reasons why the rate placed about as I have indicated is a satisfactory rate,
particularly upon the shorter movement. What I have said may be taken, but
these reasons would take more time to expound than is available toperhaps, as a rebuttal to the argument that the Reserve System should be night.
expected to take a position as an all-powerful institution, responsible for
An even more important restraining WM e ice than the rate may be found
the control of prices in this country.
in the tradition which has grown up in this country that it is a sign of bankWith these introductory comments I should like to discuss the mechanism ing
weakness for a bank to borrow largely and continuously from the
by which the Reserve system exercises what influence it has on prices. Federal
Reserve System. Banks hesitate to show in their statements bills
Before dealing with what we generally consider as Federal Reserve policy payable
or rediscounts from the Reser"e banks in large amounts or for
I want to mention two frequently overlooked influences. The first is the long periods. We may find a
demonstration of this unwillingness of banks
publication of statistical and economic data. From the very beginning to borrow in a comparison of the movement
of money rates and the amounts
the Federal Reserve System has been interested in the publication of of borrowings by member banks at the
Federal Reser,e banks. These
statistical material. In the vast increase in recent years in the amount figures are sin Nvn in the following chart [this
chart is not available—Ed.[,
of statistical rnaterail available the Reserve System has played an important which indicates that there is a very close
relationship between the movement
part. The reports of condition and operation of the Federal Reserve of interest
amounts
and
the
that
rates
membe: tanks are borrowing from
System itself give a reflection of changes in current business and credit the Federal Reserve banks. I thick we may
recognize it as a principle
cOnditions far more accurate than anything we previously had in this that when
are in debt at the Reserve banks they endeavor
member
banks
country. Added to this are the reports of member banks, money rates, to free themselves
from that inde tedness by raising their rates to borrowers
production, trade. &c. I think we would all agree that the availability by the
sale of securities and by ther means, and the consequence is an
of this statistical material is an important influence toward price stabiliza- increase
in interest rates. There is no way of knowing how much this fact
tion.
may be due to the effectiveness of the discount rate and how much to the
The second influence of the Reserve system, which I should like to men- tradition
by which banks do not wish to continue in debt t the Reservebank.
tion, is its enconragement of sound credit practices through its contacts
We have found in the Federal Reserve Bank of New York that when
with member banks. At all times the Reserve banks have a staff of examthe
member banks in New York City owe us less than 50.million dollars
iners and bank relations men visiting the member banks. We scrutinize
with care the examinations made by State and national banking authorities. that this amount of indebted ess is passed about from one bank to another
through
the ordinary turnover in the money markets and no or e bank finds
department
we
examine
a
considerable
amount of commerIn our discount
cial paper upon which banks have made loans. The Reserve banks have itself in debt to us more than a few days a month. In this situation there
Is
very
little pressure for repayment to the Reserve bark and no pressure
required that adequate financial statements of the borrowers shall accompany this commercial paper. Every day we send back to some of our on money conditions. But we find that when the indebtedness to the
New
York
City member banks runs much oN er 50 million dollars that
commercial
paper
which
member banks
does not completely satisfy the legal
requirements of eligibility or the requirement of a satisfactory risk credit. banks will begin to find themseh es more continuously in debt at the Reserve
The result of these practices has been. I believe, to subject extensions of bank and the pressure for liquidation of this indebtedness begins and
credit made by individual banks to a type of scrutiny more rigorous than money rates tend to rise. We have as yet only a few years of normal
was ever before possible, and I believe to cut down at the source some experience with this relationship. We cannot tell when the psychological
of those unwise extensions of credit which have in the past gone hand in background may change and when banks may feel that it is more normal
hand with periods of business over-expansion and price increases. This is a for them to be in debt at the Reserve banks, Just as they did in 1919 and
hidden, but none the less important, influence upon the total volume of 1920. But for the present the fact is clear that for one reason or another
indebtedness to the Reserve banks constitutes a continuous restraint against
credit outstanding.
Now we come to what has been generally regarded as the meat of the coa- over-borrowing, and against a too-large emi loyment of Federal Reserve
fund.
The figure "bills discounted" in the Federal Reserve statement Is
nut; that is, the more direct influence of the Reserve system on the volume
a very good index of the credit situation.
of credit.
The effectiveness of the open market operations of the Federal Reserve
The central principle of the Reserve System is to bring about a closer
adoption of the credit supply to the volume of trade. The mechanism adop- System is dependent on precisely thes facts which have been enumerated.
ted provided a plan for the employment of bank reserves. The difficulty By the open market operations of the System I mean those operations which
with our old credit structure was largely that there was no recognized the Reserve System has directly in its own hands in the purchase or sale of
mechanism by which bank reserves could be employed in periods of emer- Government securities. It was at one time supposed that by the purgency or unusual need. A bank's minimum reserve was regarded as a chase or sale of securities the Reserve banks could 1, crease or diminish the
sacred fund which should never be employed, but should be kept as a show- amount of Federal Reserve credit in use at any time. In fact, I think it Is
piece. This situation has its analogy in regulation in force for some time in no secret that some years ago a number of the Reser% e banks had this opinBerlin by which each public hackstand was required to have at least one ion and purchased securities for the purpose ofsum lamenting their earnings.
hack always at the stand. The regulation did not achieve the desired result I think that the system generally recgonizes now that any such belief was
because the one hack remaining at the stand could never be used. So in erroneous and the purchase of securities instead of adding to the earnings
the old days in a period of emergency banks typically locked up their of the system diminishes them.
reserves in their vaults and money became unobtainable.
What actually occurs when the Federal Reserve banks buy Government
The Reserve System at its core is simply a method for using reserves when securities is that the die'k with which they pay for those securities is placed
necessary. The reserves of many banks are pooled and any of the member In the hands of a dealer or a bank. If it goes to a dealer the cherk is immebanks may draw upon this pool of reserves by the operation of borrowing diately deposited in the dealer's bank Thus some bank finds itself with
from the Reserve bank for short periods, with proper security. The Federal Reserve funds and is in a position to reduce any amounts it may be
Reserve banks may also put the reserves into use by buying Government borrowing from the Reserve bank. If that member bank is not in debt
securities, or bankers' acceptances, in the market.
at the Reserve bank it may buy securities or iu some other way put the
From the point of view of price stability the important question is how funds into the market, where they shortly fall into the hands of a bank which
under
reserves
shall
be
such
restraint that the is in debt at the Reserve bank and can use the funds to repay its borrowings.
the employment of bank
credit supply will be adapted to the volume of trade, and neither in excess
No matter what the precise course is through which the money goes, it is
or deficit. If too much reserves are put into employment purhcasing a fact that historically the purchases of Government securities by the Repower may be increased more rapidly than the volume of trade requires serve banks have been accompanied by equivalent reductions in the amount
and there may be a tendency towards price increases; and conversely, if of Federal Reserve credit extended in other ways, either in discounts or in
there is too great restraint against putting reserve funds into use there holdings of bankers'acceptances. Conversely,if the Federal Reserve
Banks
will be a tendency for the volume of credit to increase less rapidly than sell securities, these securities must be paid for by the member
banks or
the volume of trade, and for prices to decline.
their customers and the member banks increase their indebtedness at the
There are three principal restraints which operate against the excessive Reserve banks, or sell them additional acceptances. These facts
are illusemployment of reserve funds. They are:
trated in the accompanying chart, which shows in one line the holdings of
1. The discount rate.
Government securities by the Reserve banks and in another line the hold2. The tradition against continued borrowing.
ings of bills discounted and acceptances.
3. Open market operations.
The effectiveness of open market sales of securities consists in the fact
When we refer to Federal Reserve policy we are dealing with the part that such sales increase the indebtedness of
member banks at the Reserve
which the Federal Reserve banks have to play in the operation of these banks and thus place pressure upon the credit
situation and tend to bring
restraints against the excessive use of Federal Reserve funds. The first
about higher money rates. Similarly, purchases of securities tend to
Important thing to observe about these restraints and about Federal reduce
borrowings by member banks and lead to easier money conditions.
Reserve policy is that they must conform with the democratic atmosphere
These are the three methods by which Federal Reserve policy ordiof this country. The people of the United States are not prepared to
accept rigid control of credit by any dominant central power. The use narily operates and the point which I wish to make with regard to all
of Federal Reserve credit must be so arranged, and I believe has been three is that ordinarily the Reserve banks d not directly increase or
so arranged, that the major responsibility for the amount in use rests diminish the amount of credit use. What the Reserve banks do is partly
with the borrower rather than the lender. It is the place of the Reserve to set the stage an which the play takes place. They enter into the
banks and Board to influence the user of Federal Reserve credit to exercise psychological atmosphere in which the member banker and the business
man determine how much credit they shall put into use.
the option wisely.
In effect one might summarize all that I have been trying to say by
To bring these generalities down to more specific terms, let us think of
the relations between the Federal Reserve bank and a single member expressing the belief that changes in prices cannot be ascribed to some
bank which wishes to borrow money. One could conceive a situation single automatic regulator. Price changes in my Judgment are due to
under which the Federal Reserve authoritiries would dictate precisely a complex series of causes among the most important of which is the mind
how much each member bank should borrow, but as a matter of practice set of the banker and business man throughout the world. The Federal
the Federal Reserve bank practically always stands ready to lend to its Reserve System in particular is not SOIlle independent arbitary force
member banks at a price. It exercises its power to curtail borrowings dealing with prices, but is one of the many influences at work and it operonly rarely and on occasions where there Is obviolus and long-continued ates largely through its influence on the psychological background of the
banker and business man
abuse of the borrowing privilege.
OCT. 2 1926.]
Back last April Mr. Burgess in an article in the "Journal
of the American Bankers Association" discussed "The Reserve Banks and the New York Money Market," in which,
in pointing to the position of New York as the leading
money market of the country, he stated that its importance
lies not in its size, but "in the liquidity of the market, in its
capacity for furnishing cash at a few hours' notice." Mr.
Burgess added that there is almost never a time when some
need for New York funds is not arising from one quarter or
another, and in indicating the rapidity of movement of funds
in the local market he noted that statistics show that "bank
deposits in New York City have a rate of turnover of about
75 to 80 times a year, whereas the rate of turnover in other
large cities is only 30 to 45 times a year, or about half as
great." The article is one for which we have heretofore
been unable to find room, and we now reprint it herewith.
omitting the charts which Mr. Burgess made use of:
The New York money market is the national market for surplus funds.
As the leading money market of the country, it is a centre toward which
the idle money of all sections gravitates to find employment, pending the
time when it is needed. Banks and large business concerns all over the
country which have funds temporarily idle because of seasonal variations in
the demand for funds or for other reasons, send these funds to the New
York money market. The funds are there kept on deposit with banks;
invested in short term securities such as bills, Treasury certificates, or
other short obligations; or are lent in the Stock Exchange money market
for a definite period as time money or on a day-to-day basis as call money.
The distinctive feature of this use of funds is that the funds are available
when they are needed, either at a specified time, or, in the case of call
money or money invested in bills or Treasury certificates, on a day's notice
at any time. Call loans can be called and bills and Treasury certificates
can be sold whenever the funds are needed. The money in the money market may thus be thought of not simply as surplus funds, but as the sec,ondary reserves of banks and business all over the country.
In these days of keen competition and narrow margins of profit, banks
and business concerns find it necessary to keep their funds fully employed.
Ten million dollars lying idle for a single day costs as much as a year's
work of a clerk; and the difference between profit and loss may be found
In keeping all available funds employed. The money market provides a
place where funds may be put to work for a week or even a day and still
be available to meet the foreseen or the unforeseen need of the lending bank
or corporation.
The importance of the money market does not lie in its size, because the
total amount of funds in the market is small in comparison with the total
banking funds of the country. The importance lies rather in the liquidity
of the market, in its capacity for furnishing cash at a few hours' notice.
What a bank balance is to the individual the money market is to the country's credit system. Both represent ready cash available for immediate
needs.
Since the New York money market employs funds from all parts of the
country, it reflects changes in the need for funds from any quarter. Increases in the use of funds for business and trade draw funds from the
New York market and decreases in such use pour funds into the New York
market. When the wheat crop is being harvested; when Christmas shopping creates a need for more currency; or when factory payrolls increase,
funds are drawn from New York. But when winter dulness settles over the
farms; when Christmas currency returns to the banks;; or when the factories begin to reduce payrolls, then funds flow back to New York. In
recent years the New York market has reflected not only the changing
financial needs of 'agriculture and business in this country, but has reflected
foreign conditions as well because considerable amounts of foreign funds
have found employment here.
One result of the wide distribution of ownership of funds in the New
York money market is that they are in constant movement, for there is
almost never a time when some need for funds is not arising from one
quarter or another. The rapidity of movement of funds in the money
market may be seen in the statistics for the velocity or rate of turnover of
hank deposits. These figures show that bank deposits in New York City
have a rate of turnover of about 75 to 80 times a year, whereas the rate
of turnover in other large cities is only 30 to 45 times a year, or about
half as great. Fluctuations in money rates from day to day and from week
to week reflect this rapid movement of funds.
Small movements of funds sometimes have large effects in the market.
A transfer of as little as $25,000,000 from New York may cause an increase
of 1% in the call loan rate. For the money market is a point at which
adjustments take place between the country's supply of and demand for
funds. A transfer of $25,000,000 from New York may be the indication
that the country's supply of funds is short of the demand at the rates which
have been prevailing. In the New York market we are dealing with what
economists call the marginal supply and the marginal demand, which are
the first to show any changes in conditions.
Place of the New York Banks..
In financial panics in this country it has been in the New York money
market that the first signs have appeared, just as in England it has been
In London that financial crises have centred. Year in and year out the
great bulk of all ordinary financial operations throughout the country is
carried on smoothly and quietly, with the supply of funds taking care of
the demand without question. Trouble only comes with the extra demand,
or the extra supply, and the money market is the place where extra supply
and extra demand make their first appearance. The country's financial
stability depends not a little on the capacity of the money market for
making a smooth adjustment to the new condition when extra supply or
extra demand begin to appear. If at any time it becomes impossible for
out-of-town lenders to convert instantly into cash the funds they have
placed in the New York market, the result is apt to be a money panic.
The New York banks have several kinds of relationships with the money
market. In the first place, these banks are large investors in the money
market. They keep amounts ranging from half a billion to a billion dollars in the Stock Exchange money market. They keep substantial but
smaller amounts employed in bills, Treasury certificates and notes, and
commercial parer.
In the secohd place, the New York banks act as agents for out-of-town
banks, corporations and individuals who employ funds in the money market.
When the Tenth National Batik of Muncie. Ind., wants to buy commercial
paper or put funds out on call, it usually transfers the funds to its New
York correspondent The amounts of out-of-town funds placed in the mar-
1715
THE CITRONTCLE
ket in this way are frequently larger than the amounts placed for the
account of the New York banks themselves. For example, the figures reported by New York City member banks on Feb. 24 show that their loans
to brokers and dealers for their own account were $1,149,000,000, whereas
their loans of this character for the account of out-of-town banks were
$1,343,000,000. Mcreover, the New York City banks had on deposit front
other banks about $1,000,000,000.
In the third pace, the New York City banks are bankers for the money
market. The market keeps its funds on deposit with them. When a dealer
secures funds be deposits them in one of these banks. When he makes a
payment he does it with a check on one of them. The deposits of New York
banks thus constantly reflect money market operations.
Any extra demand for or supply of funds is thus registered in one way,or
another in the condition of the New York banks and in the last analysis
the elasticity of the market depends on the reserves of these banks.
Suppcse the wheat crop is unusually large, and in order to pay off extra
harvesting help the banks of the West call $25,000,000 of call loans in New
York. The procedure would be about as follows: When brokers Smith &
Jones, or Peters & Ha], or Brown & Robinson, who were borrowing this
call money for the use of their customers, get notices calling their loans
they probably borrow the amount from New York City banks and pay off
their called loans with checks on New York banks. As the checks are
collected the reserves of these bands are correspondingly reduced. Or
suppose the banks in .the West, instead of calling loans, sold securities in
New York. They would probably be paid ty checks drawn on New York
City banks, with the same consequence in reducing the reserves of those
banks. No matter what form an outside withdrawal of funds from the
market takes, it usually results promptly in a reduction of the reserves of
New York City banks. If this process continues it tOnds to result in higher
money rates and a gradual liquidation of money market loans, and frequently a reduction in security prices. These changes eventually reduce
both the deposits and the reserve requirements of New York City banks.
But the immediate result is to reduce only the actual reserves of these
banks. They bear the brunt of shifts of funds to and from the market.
Elasticity Before 1914.
In the days before the Federal Reserve System the surplus reserve; of
New York banks were the best measure of the country's ability to deal with
any financial emergency, because they showed the extent to which the
money market could be drawl. upon to meet needs for funds in any part of
the country. There were other passible means of meeting serious crises,
such as Treasury deposits of gold in the banks, or the issuing of Clearing
House certificates, but the reserves of New York banks and to a lesser
extent of banks in other cities, were the first line of defense. When these
reserVes were reduced to the legal minimum, and there were no longer any
surplus reserves, then the credit situation became strained. There was
still plenty of money in the banks, but it could not be used because the law
prescribed a legal minimum below which reserves should not go. There
was no machinery by which these reserves could be used with safety.
The close dependence of money conditions on bank reserves is illustrated
by the accompanying diagram [This we do not publish.—Ed.1, in which
one line shows the average monthly surplus or ,deficit of reserves of New
York City banks and the other line shows the average monthly rate for time
money. When there were large surplus reserves money rates were low;
when reserves were low money rates were high.
One impressive feature of the diagram is the narrowness of the margin of
reserves. For many months average surplus reserves were under $10,000,000. In November 1907 an average deficit of $50.000.000 in reserves was
accompanied by soaring money rates and by temporary suspensions of
specie payments in many parts of the country.
Under these conditions one of the most valuable Indicators of the country's credit condition was the Saturday report of the New York Clearing
House banks, which showed their surplus reserves. These surplus reserves
were the principal basis for any elasticity which the country's banking
system possessed.
Elasticity To-day.
The fundamental change which the Federal Reserve System has made in
this situation is to make it possible to use bank reserves more fully. The
principle is that when bank reserves are pooled instead of being scattered
among many banks, and their use is safeguarded by careful restrictions,
then the reserves may be put to work in busy seasons and emergencies. The
old arrangement locked up bank reserves when a certain arbitrary legal
limit had been reached. The new plan removes this arbitrary restriction
and substitutes other more reasonable safeguards against the too free use
of reserve funds.
The method is in general that bank reserves are pooled in the Reserve
banks and these reserves are put to work when member banks borrow from
the Reserve banks or when member banks or others sell bills and Government securities to the Reserve banks.
One effect of the establishment of the Federal Reserve System has been
to divert from the New York market some of the adjustments of marginal
funds. Member banks in all parts of the country may now meet extra demends for funds by borrowing at their local Reserve banks and use extra
supplies of funds to pay off any such borrowings. Moreover, with the support of the Reserve banks local money markets of increasing importance
are developing in certain of the Federal Reserve cities.
While these changes have diverted many transactions from New York to
other centres and have made the country's finance somewhat less dependent
on New York, the New York money market remains the country's principal
centre for the use of surplus funds, and for the adjustment of banking reserves. The precise methods by which the money market gains elasticity
through the operations of the Federal Reserve Bank of New York are
therefore of interest.
Access to the Reserve Bank.
The money market and the Federal Reserve Bank of New York are connected by several channels of communication. Diagram 1 [This we omit.—
Ed.] is an attempt to illustrate these channels of communication between
the Reserve bulks and the money market.
Of the four principal markets which make up the money market, two
have direct access to the Reserve banks. Under the terms of the Reserve
Act, the Reserve banks have authority to buy bills and Government securities in the opsn market, but they cannot buy commercial paper or make
loans in the Stock Exchange money market.
It is through the member banks that the money market has its principal
connection with the Reserve banks. The amount of Reserve bank funds
which goes directly into the money market is small compared with the
amount which is advanced to member banks and reaches the market indirectly. The member banks can pass on to the Reserve banks the securities
dealt in by three of the four money markets, bills, United States securities,
and commercial paper. They can sell bills to the Reserve banks; they
can borrow with bills, United States securities or commercial paper as collateral; or they can rediscount bills or commercial paper. In addition, they
1716
THE CHRONTCLE
Wm- 123.
On April 21 1908 Mr. Dewart married Miss Mary Louise Wheeler.
can rediscount or secure advances upon their customers' commercial paper.
daughter of the late Commodore Thomas 14. Wheeler. former Standard Oil
Non-member banks can sell bills to the Reserve banks.
It should bs noted that in all but one of these types of transaction by official. They have three children, William T. Dewart,Jr.; Thomas Wheeler
which the markets or hanks secure Federal Reserve funds, the initiative is Dewart and Mary Dewart.
taken by the dealer or the hanker. It is only in the purchase of United
"Sun" Nearly a Century Old,
States Government securities that the Reserve banks at times take the
The "Sun," which now passes to the ownership and direction of Mr.
Initiative, and such purchases are frequently made on the initiative of the
dealers in Government securities who require assistance in carrying their Dewart, will round off in lass than a decade its first century of existence,
attaining it significant milestone in that long career which began on Sept. 3
portfolios.
Another interesting feature of the relationship between Reserve bank and 183:4. when Ben Day struck off on the presses of his printing shop In William
money market Is that in certain of the transactions in bills and Government Street. the first copies of the newsrat er which was so long to outlive him.
In those years it has, growing steadily. adapted Itself to community
securities the New York Federal Reserve Bank acts as the agent of other
Federal Reserve banks. A considerable part of the holdings of aceeptatices changes almost revolutionary in their scot e: it has remained a cord upon
and Government secteities of all the Reserve banks is purchased in New whieh the historian may string the yams like vari-colored beads. It has
passed through many ownerships and Its ; hydeal attributes have changed
York.
Through these various channels there has developed a close relationship with the changing styles. But it has remained the "Sun.'
The New York "Telegram." which also passes—with other of the properYork
money
market
and
Reserve
System.
operathe
The
between the New
tions of the Reserve Bank of New York, and in lesser degree of the other ties of the late Frank A. Munsey—under Mr Itewart's control Is of slightly
Reserve banks, have conic to reflect money market changes in much the less antiquity. It dates back to 1867, when James Gordon lisionett founded
same way as the reserves of New York City banks formerly reflected such It. as. In actuality if not In name, an evening edition of the New York
changes. To-day when $25.000.000 is withdrawn from New York to meet "Herald."
Started as an Experiment.
a demand for currency for harvesting, the demand often fells as before on
the money market and through. the market on the New York City banks.
The "Sun" was founded by Day, a youthful printer. who, at the age of
But these banks no longer rely solely on their surplus reserves in meeting 23, laid the foundations of the institution a hich Is the "Sun" as an expertsuch a demand. They can borrow at the Reserve bank. The immediate meat. and for the find. years of Its life It trembled. like most experiments,
effects of this borrowing are not greatly different from the effects of using chronically on the brink of disaster. It was the city's. first "penny paper."
surplus reserves. Funds from the Reserve bank have to he paid for at the It Invaded and conquered in a field which for years had been sacred to the
discount rate and the e.t.a of additional Federal Reserve funds is usually "slxrenbles."
accompanied by scene firming in money rates, just as was the putting to
When he started the "Sun" Day had very little reason to expect success.
use of surplus reserves. The principal difference between the two operations Others had tried the same prime cutting experiment, attempting also to
lies in their possible extent. In the old days there were rigid and not for present the news in a crisper, more dramatic form. They had failed miserdistant limits to the use of surplus reserves; now the meelianism of the ably. Day had the courage of his youth. little has lose and a print shop.
Reserve System provides for a much larger possible expansion. It gives He composed and set his own first. Issce Inn:illy unaided.
much greater elasticity while providing also restraints against too great
The first Issue was of about a thousand cot les. terhaps less. It was
expa nsion.
prilited on in page but little larger than mu sheet. of commercial letter paper.
The close reiationship between money market movements and the Reserve It. had some news, a few advertisemeats—mosi of them t Irked up from the
bank may he illustrated by a comparison of the day-to-thy fluctuations of sixi ennies to give an air of pros' erity—and the hack page was devoted in
the call loan rate, the most sensitive index of money market conditions, and Its entirety to poems. The sixperinies jot el heartily In laughter. Their
the changes in the amount of Reserve bank credit in use. This comparison names are now, for the most part., familiar oily 141 the antiquarian. Of the
Is made In diagram 3 [This we omit.—Ed.l. It shows that when money eel en morning newspiti ere then existent. not, o. e remains. Two of the four
Is In demand, as shown by high call loan rates, the banks and the market other e‘etting papers have vanished likewise: the other two still exist.
draw funds from the Reserve bank and the amount of Reserve batik credit greatly changed, of course.
In use is increased. Conversely, -when the supply of flIIIIIS increases, as
In August 1835 Day moved to NM:SIM Street—mart of Printing House
shown by low call rates, funds are returned to the Reserve bank. Just as Square—and rented a narrow building at the corner of Spruce Street. 156
the country as a whole Is constantly adjusting its credit supply to its Nassau, on the site later and for so long omit; led by Greeley's "Tribune."
needs through the New York market, so the New York market is daily ad- At the other end of the block the,m loomed tare -ly the b..ilding which was
justing its supply te. the dentand through the Reserve banks.
Tammany Hall—and which ViliS la ter to become one of the home;of the"Sun."
The character of Federal Reserve transactions with the banks and the
The "Sun." already change I greatly from its first aimed-mice, passed to
money market, which consist primarily of operations for the adjustment of the ownership in 1838 of Moses Y. Peach. who mild for it some $40.000.
position, is revealed by the rapidity with which loans .are made and paid Four years later Beach moved it to the corner of Nassau and Fulton streeta,
off. The average amount of bills and securities (including loans to mem- where it remained until 1865, growing steadily and waging an almost unber banks) h&c] by Cie Federal Reserve Bank of New York during 1925 interrupted war with other newspapers—notably and for many years with
was $287,000,300. The total amount of bills and securities acquired during Bennett's "Herald."
the same period was $19,900,000,000. Thus the average loan or investment
Sold to Charles A. Dana.
was for only five days. The average number of days for which different
Charles A. Dana, already known both as a politician—he had been an
types of paper were 'neld was as follows:
Assistant Secretary of War—and as a journalist, purchased the "Sun" In
Discounts and advances
3 days
1888. heading a syndicate which, having first plannel to start an entirely
Bankers' bills
15 days
new newspaper, thought better of it after a study of the "Sun's" value.
United State; securities
50 days
"Just as we were shout commencing our own paper." Dana wrote a friend,
The facilities for elasticity which the Reserve bank has provided for the -the purchase of the "Sun" was proposed to me and acce •teci. It had a
money market have given the market greater stability. The day-to-day circulation of from 50.000 to 60,000 a day,and all among the mechanics and
fluctuation of call money rates is about half as large as before the estab- small merchants of the city. , We pay a large sum for it—$175.000—but it
lishment of the Reserve System. Seasonal changes have been reduced.
ex es us at once a large and profitable business."
Dana's optimistic predictions were well founded. He moved the "Sun"
Nassau and Frankfort Street, to one of the most famous of Its many
Wm. T. Dewart Buys New York "Sun" to Mutualize to
homes and one occupied for many years The building it entered had been
It—Executor of Estate to Carry Out Mr. Munsey's
Tammany Hall, the scene of many political battles. There was a long flight
of stairs down which recalcitrant Democrats occasionally had been thrown.
Intentions—"Telegram" Included in Sale, Also
Dana's direction of the "Sun" raised it to a position of national fame. It
Mohican Co.
acquired a definite literary flavor and an Individuality which placed It at the
forefront
of the city's dailies. It became a Mecca for newspaper men from
"Sun"
of
Sept.
York
30
we
take the followFrom the New
ing account of the sale of the paper to William T. Dewart, all over the country. Dana Succeeded by His Son,
long an associate of the late Frank A. k unsey in the conduct of his newspapers and one of the executives of the
Munsey estate:
Edward P. Mitchell, now a director of the Sun Printing and Publishing
Company, was one of those attracted. and in his "Memoirs of an Editor"
he has written lovingly of his first glimi se of the off!, e of the "Sue—an
which, In this building and that, he has been familiar with now for
The "Sun" and the New York "Telegram." bequeathed by Frank A. office
than half a century.
Munsey to the Metropolitan Museum of Art, have been purchased by more
Dana
remained at the head of the newspaper until his death on Oct. 17
William T. Dewart. long an associate of Mr. Munsey in the operation
1897. He was succeeded by his son, Paul Dana. who had been on the
of his various interests and one of the executors named In the will of the editorial
staff of the newspaper for seventeen years.
late publisher. Included in the purchase was the Mohican Co.
In 1898 Paul Dana bought from Thomas Hitchcock. one of his father's
The purchase. announced In a statement issued for Mr. Dewart last.
associates,
control of the newspaper. He remained In control for several
night, was from the directors of the Metropolitan Museum of Art, the
residuary legatee under the will. The consideration was announced as years. holding the position of editor until 1903. Before the latter date.
however. William Mackay tartan, who had been associated with the elder
approximately $13.000.000.
since 1877. had acquired control. He remained proprietor of the paper
In his brief statement, which follows. Mr. Dewart announced that Dana
Feb. 22 1902 until his death in 1909.
from
steps toward the mutualization of the properties will be taken in a short
Mr, Mitchell succeeded Paul Dana in 1903 as editor. Upon Mr. Laffan*s
time. In accordance with the expressed desire of Mr. Munsey:
death the trustees of The Sun Printing & Publishing Association asked
"William T. Dewart announced last night that he had purchased the Mr. Mitchell to take up the administrative burden as well as
that of the
"Sun" and the New York "Telegram" from the Metropolitan Museum of
Art, the residuary legatee under the will of the late Frank A. Munsey. editorial direction. This he did, remaining in complete control for about
At the same time Mr. Dewart announced that his purchase also included two years. In December 1911 William C. Reick gained control through
the Mohican properties.
stock purchase and relieved Mr..Mitchell of half of his double burden.
"In a short time, Mr. Dewart said, the process of mutualization of
Mitchell. however. remained as editor.
these properties would begin. It was Mr. Munsey's plan to nave the Mr
In
the
with
him
conduct
"The Evening Sun" had been issued by Dana for the first time on
join
of
the
newspapers
associates of his
business
"For many months prior to Mr. Munsey's death, Dec. 22 of last year, March 17 1887. In the various changes of ownership of "The Sun" it went
he had been planning the mutualization project.
with the older paper, finally disappearing only when "The Sun" was
"In taking over the newspapers Mr. Dewart is making his first step transferred to
the evening field under Mr. Munsey's ownership.
toward carrying out the ideas of his late friend.
transactions
was
in
the
these
"The amount involved in
neighborhood
"Sun" Sold to Mr. Munsey in 1916.
of $13.000.000."
Mr. Dewart was associated with Mr. Munsey for many years, rising
Mr. Munsey purchased "The Sun" from Mr.heick on June 30 1916. and
through various positions to be general manager of all the interests of absorbed in it "The Press," which he already owned. "The Sun" therewith
the late publisher. So intimate were the business associations between gained an Associated Press membership and many of the men who since
them that Mr. Dewart assumed charge of the manifold activities of the have directed its fortunes during the latter years of Its rapid growth.
Munsey interests when Mr. Munsey was absent on trips abroad, which, Mr. Mitchell remained editor of "The Sun" after the combination.
during his later years. were frequent.
In 1920 Mr. Munsey purchased "The New York Herald," "The Now
A few days after Mr. Munsey's death Mr. Dewart was elected President York Telegram" and the Paris edition of the "Herald" from the James
of "The Sun." the "Telegram" and the other corporations. He was Gordon Bennett estate. Shortly thereafter "The Sun" and the "Herald"
named an executor in the will with Richard H. Titherington and the were merged by Mr. Munsey, appearing for several months under a dual
Guaranty Trust.Co. of New York.
Mr. Dewart was born at Fenelon Falls. Ontario, Canada. on Jan. 29 name.Laer in the same year, however. "The Sun" was changed to the after1875. He came to the United States in 1881 and was a student at the noon field, taking the p.ace of the "Evening Sun," and the "Herald" conUniversity of Rochester in the class of 1896.
tinued as the morning paper.
OCT. 2 1926.1
THE CHRONTOLE
Mr. Munsey's Mergers.
In 1923 Mr. Munsey purchased the "Globe and Commercial
Advertiser.'
merging it with "The Sun." For a time publication was
under the combined name, but subsequently the "Globe" was dropped
from the title
and "The Sun" once more was published under its original
title.
The "Telegram." after many years under the Bennett banner
, came to
Mr. Munsey with the "Herald." In 1924 the late publish
er purchased
the "Evening Mall" and merged it In the "Telegram." for
a time retaining
both names and later dropping that of the "Mail." When
the
later was sold to Its present ownership and combined with the "Herald',
"Tribune."
the "Telegram" remained in Mr. Munsey s possession, therewi
th being
separated for the first time in its career
from the newspaper which had for
so many years acted as its parent.
Many writers and journalists of prominence served apprent
iceships on
the "Sun" at one stage and another of its long career. More
than a very
partial list would he impossible. Eilhu Root, for exampl
e Is an old "Sun"
man. and Joseph Pulitzer was another. So was Arthur Ilrisban
e. Richard
Harding Davis was one of the first reporters
on the old "Evening Sun," and
Jacob A. Ails was a reporter of distinction.
Others on the long list included Irvin Cobb.
Wilbur J. Chamberlin, Will
Irwin. Samuel Hopkins Adams. Robert Welles Ritchie
. Henry James
Forman. Cameron McKenzie, James
L. Ford. E. J. Edwards. Arthur F.
Aldridge. George 13. Mallon and Gustav
e Robbe. The list might be
almost indefinitely centinued.
Edtorially the "Sun" on the same date had the
following
to say:
THE rirropas or THE "SUN."
On Dec. 31 1925. nine days after the death
of Frank A. Munsey, owner
and editor of this newspaper, the "Sun" said editoria
lly*
,The terms of Mr. Mummy's will make possibl
it
e for the "Sun" to assure
Its readers that they will continue to enjoy
clean
a
newspa
per of interest
political independence. honescy and fearless
ness. The nreaniaatirn with.
which Mr. Munsev brought the "Sun"
to its present commanding ensitian
remains Intact. That orvaniaation
bend every effent to make
"Pun" a newspaper even more worthywill
of its readers and its late owner.the
The manner In which this continuity was
to be maintained was indicated
about the same time in a statement issued
by William T. Dewart, Mr.
Munsey's long-time friend, closest business associa
te and the first of the
three executors named in Mr. Munsey's will.
Mr. Dewart announced that It had been Mr. Munsey
's purpose, conceived after his will was executed in 1921,
to make partners of those assndates who had helped him to bring the "Sun"
to its high success. Mr.
Dewart. speaking for himself and the
two other executors. Richard H.
TItherington and the Guaranty Trust Co. of
New York. expressed a desire
to translate into fact the unwritten wishes of Mr.
Munsey.
To bring this about would have
been difficult if the executors had not
received the sympathetic underst
anding and aid of the Trustees of the
Metropolitan Museum of Art, the
residuary legatee of Mr. Munsey's
fortune. A beneficiary less unselfis
h might have insisted upon putting
the "Sun" on the auction block, thereaf
ter to he the plaything of some
personal ambition or to become a
mere commercial or political organ.
But President De Forest of the Metropo
litan and his fellow trustees were
quick to appreciate the plan which
Mr. Munsey had been making; quick
to realize the importance of the "Sun"
as it was, and is, and will be, to
this community.
The outcome, briefly, is that the "Sun,"
now purchased by Mr. Dewart
from the Metropolitan Museum of Art as
the first step toward mutualizatinn, will continue to be conducted by those
who under Mr. Munsey's
guidance brought it to eminence and who,
under the direction of Mr.
Dewart since Mr. Munsey's death, have
carried on. In this connection It
Is pleasant to record that in the nine months
sincd Mr. Munsey died the
"Sun" has not lost a single department head
or, in fact, any man whose
work was vital to the paper. Under
the leadersitip of Mr. Dewurt as
President of the Sun Printing and Publishing
Association the organization
has worked in perfect harmony. The "Sun's
" advance in circulation,
advertising and general excellence, rapid as
it was in the final years of
Mr. Munsey's guidance, has continued steadil
y. Nothing could be better
proof than this that the way to keep the Sun"
in its high place as the
greatest evening newspaper is to leave it
in the hands that have sustained it
since Mr. Munsey turned away from his desk
for the last time.
The details of Mr. Dewart's plan for the mutuali
zation of the property
will be announced in due time. Meanwh
ile the readers of the "Sun"—and
they compose the most important element
of its success—may rest assured
that the "Sun" they are to have is the
same "Sun" they have known.
More than ever the "Sun" will
be independent newspaper, free from
all
political and financial shackles and
bound only by its own pledge to
be
honest, clean, intelligent and interest
ing.
There has been considerable discussion as
to how the purchase by Mr. Dewart is to be financed.
The chances are
that there are to be a series of time
payments, as is usual in
such transactions. The discussions are
interesting nevertheless, and as a specimen we quote
the following from the
New York "World" of Oct. 1:
Financial circles were guessin
g yesterday as to who was backing
T. Dewart in the purchase
of the "Sun. the "New York Telegram" William
and the
Mohican properties from
the Frank A. Munsey estate for
As Mr. Dewart is not a man
$13.000.000.
of wealth, it is assumed he is being
swinging the deal.
helped In
No newspaper deal made by
Mr. Munsey himself approached this
In fact, for the eight New York
amount.
newspapers which he purchased over a
of more than twenty years. Mr.
period
Munsey is believed to have paid not
than $15,000.000.
more
When he bought the New
York "Herald," the New York
"Telegram"
and the Paris edition of the
"Herald" from the James Gordon
Bennett
estate in 1920, he paid only 11.000.
000 in cash and gave six promissory
for 1500.000 each, the last of which
notes
was payable Jan. 19 1926. These
were
all paid, however, when the "Heral
d" was sold to the "Tribune."
Rumors yesterday accredited
Mr. Dewart's purchase. One several different interests with financing
Wall Street financier, already
involved in
the publishing business, whose
name was mentioned in this connection,
in denying any relationship with
the Dewart transaction, said it
would not
surprise him if Mr. Dewart had
financed the deal personally on a time
basis.
Plans
-for
_
New Company.
Mr. Dewart himself could
not
firmed that no outside interest be reached, but an intimate associate afs participated in the purchase.
Nothing
was said as to the set-up.
Detailed plans already have been
drawn, said
this Informant, for the formati
on of a company to take over the
"Sun" and
the New York "Telegram." In
this, as was announced on behalf
of Mr.
Dewart Wednesday night, Mr.
Munsey's chief associates and lesser
em-
1717
ployees as well are to have interests. Nothin
g as yet has been made public
as to what part of his hollings Mr. Dewart Is to sell
to his associates.
Certain quarters questioned the legality
of the sale of portions of the
Munsey estate to Mr. Dewart because he Is
an executor and trustee of the
estate, but legal authorities agreed that
if the residuary legatee gives its
permission there Is no barrier to the sale.
It was pointed out by a spokesman for Robert
W. de Forest. President of
the Metropolitan Museum of Art, the residuary legatee
. that the Museum
not only approve/ of the sale, but. had been desirou
s of liquidating part of
the estate. Last January Mr. de Forest announced
that
the Metropolitan
Museum had a deficit of $432.957, and that
if It were forced to waft five
years or more until the Munsey estate was turned
into cash, as it might under the will. Its financial predicament might become
worse.
ilohican Hotel Included.
It was verified yesterday that the properties bought
by Mr. Dewarl
include not only the Mohican Co.. which operate
s a chain of groceries in
New England, New York and Pennsylvania, but
the Mohican Hotel In
New London. Conn. The Mohican Hotel, togethe
r with the Plant Building
in New London, have an estimated value of $1.500.000.
The Mohican Co.
iscapitalizeri for $3,000,000. As all of Its stock
is closely held, no quotation
upon it is available.
A large part of Mr. Munsey's estate still remains
unikpildated: The
Munsey Trust Co. of Washington. D. C.. the Ore
Fifty Nassau Street
Corporation, real estate iln Long island and
near Elizabethtown. N. Y.:
the magazines. "Mtinsey's," "Argosy." "MI-Story
Weekly" and "Flynn's"
—and stocks and bonds. At the time of his death
the total value of his
estate was estimated to be between $20.000,000
and $45.000.000.
Among the bidders competing against Mr. Dewart
was Paul Block, who
has newspaper interests in Newark. Duluth, Minn •
Lancaster. Pa., and
Memphis, Tenn, Mr. Block offered 110.000.000
for the "Sun" and the
New York "Telegram."
He Has No Complaint.
Mr. Block said yesterday he had no complaint against
the decision of
the executors and trustees, "I am certain that they
would not have sold
the "Sun" and the New York "Telegram" to any one, includi
ng the present
management. unless the price paid compared favorab
ly with any other
offers that were made for the papers, including my
own offer." he said.
Mr. Dewart is fifty-one. Be was born In Fenelon
Palls. Ontario. hut
came to this country as a small boy, and, according to one
of his intimate
friends, Is a naturalized citizen of the United States.
He was in Mr.
Munsey's service almost thirty years, rising
from a rosition as bookkeeper
to General Manager of all the Munsey interests. At Mr. Munsey
's death
he was elected President of the various companies of which
Mr. Munsey
had been President.
April 21 1018 he was married to MiSR Mary Louise
Wheeler. daughter of
the late Thomas H. Wheeler. They have three childre
n.
tinder the will of Frank A. Munsey. the Metropolitan
Museum of Art in the City of New York was
made the
chief beneficiary. The estate of Mr. Munsey. who died
in
this city on Dec. 22, has been estimated at betwe
en V11.000.000 and $40.000.000. The "Sun" in summarizing on Dee.
30
the provisions of his will which was filed for probate
In the
Surrogate's Court on that day, said:
The will, executed nearly five years ago, provides
that the bulk of Mr.
Munsey's estate shall go to the Metropolitan
Museum of Art. There are
various specific bequests, in which are remembered
the testator's relatives
and a number of the officers and business associates connect
ed with his
enterprises.
The executors and trustees named are William T. Dewart.
Richard 17.
Titherington and the Guaranty Trust Co. of New York.
They are allowed
five years, or longer if necessary, to dispose of Mr. Munsey'
s newspapers
and other interests to convert the various holding
s into cash or securities.
Bequests to Relatives.
Nine thousand shares of stock of the Munsey
Trust Co. of Washington
are set aside for division among Mrs. John M.
Hyde, Mr. Munsey's sister,
and her son and daughter, Fred G. Hyde and Mrs.
To friends, cousins and others Mr. Munsey makes John R. MacNaught.
cash bequests totaling
nearly $250,000. Bequests to officers of his
enferprises and business associates total nearly $300,000.
At Mrs. MacNanght's death her share of the stock
goes to her children,
Mrs. Maude MacNaught Small, Mrs. Mildred
MacNaught Mansfield, MissEmma G. MacNaught, Harold
B. MacNaught, Paul M. MacNaught, John
A. MacNaught and Frederick Earl MacNaught.
All pictures, jewelry, furniture and persona
l and household effects are
bequeathed to Mrs. Hyde.
Bowdoin College receives $250,000 under the will,
the Maine State Hospital of Portland $100,000 and the Central
Maine General Hospital ofLewiston $50,000.
In commenting upon the disposition of the
various properties, Mr. Dewart,
President and Treasurer of The Sun Printin
g & Publishing Association, said'
that there need be no apprehension of
any sudden sale or change.
Mr. Munsey's death followed an
acute attack of appendicitis, with which he was stricken
on Dec. 13 at the HimCarlton Hotel, where he niade his
home. Peritonitis developed after an operation performed
at the Lenox Hill
Hospital. Mr. Munsey was 71 years of age. Regar
ding Mr.
Munsey's newspaper investments, the New
York "Times"
of Dec. 26 said:
The estate of Frank A. Munsey
, it was learned, probably is about
$40,000,000. A friend of
the publisher quoted him as saying, about a
week before the beginning of his
fatal illness:
"I came to New York with $40
and I am now worth forty million."
Mr. Munsey spent about $20,000,000
in acquiring and maintaining his
New' York newspaper properties, accordi
ng to a friend presumed to know
about this phase of his business. He was said
to have paid $1,000,000 for
the old "Daily News," $1,000,000 for "The
Mail," $2,000,000 for "The Globe," $4,000, Press," $2,000,000 for "The
000 for "The Sun" imonting
and evening) and $4,000,000 for "The
Herald" (including the "Evening
Telegram" and "The Paris Herald"). This
made $1i,000,000, and he is
said to have invested $6,000,000 more in
the conduct of those newspapers,
thus making a total investment of $20,000
,000.
The "Daily News" eventually suspended
merged with "The Morning Sun," which publication. "The Press" was
later was merged with "The Herald." "The Mail" was consolidated with
"The Evening Telegram." and "The Globe" was merged with "The
Evening Sun."
.
S
1718
TTTE CTTRONTCLE
Paris "Herald" to "The
When Mr. Munsey sod "The Herald" and the
$1,000,000 more than
Tribune," he is said to have received $5,0e0 000, or
Telegram" and "Paris Herald."
be paid for "The Herald." the "Evening
in the New York newspaper
This left $15,000,000 as his net investment
"The Telegram," which
business. It was estimated that "The Sun" and
so'd would be held
Mr. Munsey owned when he died, probably if they were
a profit to his estate on his
at more than $15,000,000, thereby showing
newspaper ventures.
estate
According to the "Sun" of Dec. 31, the residuary
Museum of
of Mr. Munsey, bequeathed to the Metropolitan
cash
Art, will constitute the largest single gift, whether of
The "Sun"
or otherwise, ever received by the Museum.
account said: •
Metropolitan by the late
Mr. Munsey's gift exceeds that made to the
building fund he•
.1. Pierpont Morgan, whose collection, together with the
largest cash bequest
provided, had a total value of about $15,000,000. The
to it by Jacob S.
ever received by the institution was the $5,000,000 made
Rogers.
Museum Directors Surprised.
expressed his
Robert W. De Forest, President of the Museum, last night
of the funds
appreciation of the bequest, and said that the use to be made
after the
would have to be determined by the trustees og the institution
concerning Mr.
legacy is received. Mr. De Forest issued a statement
Munsey's bequest, which follows:
the Museum
"So far as I know he had never shown any special interest in
this may seem, it
except by becoming an annual $10 member. Strange as
Museum has
is not exceptional, for two of the largest bequests which the
Hewitt.
ever received, those from Jacob S. Rogers and from Frederick C.
in the
interest
much
as
even
came from persons who had never shown
over
Museum as that, and the bequest from Mr. Rogers, which amounted to
here$5,000,000, is the largest cash bequest which the Museum has ever
[VOL. 123.
To pay over to each of the three daughters of the said Abbie and Samsum
uel It. Hopkins, the sum of $20,000, and to each of their two sons the
respectively.
of $10,000, which sums I hereby give and bequeath unto them,
To pay over to Julia A. Plummer, formerly the wife of James H. Plumher.
mer, the sum of $10,000, which sum I hereby give and bequeath unto
To pay over to my cousin, John A. Hopkins, of Dodge, Mass., the sum
of $10,000, which sum I hereby give and bequeath unto him.
To pay over to my cousin, Mrs. R. E. Wallace, formerly Miss Grace
Spinney, of 10 Pine Street, Bath, Me., the sum of $25,000, which sum I
hereby give and bequeath unto her.
To pay over to each of the two daughters of Ida F. Newell, of Lewiston,
Me., the sum of $10,000, which sums I hereby give and bequeath unto them,
respectively.
To pay over to Mrs. Louis Hopkinson Hopkins the sum of $10,000, which
sum I give and bequeath unto her.
Each of the sums hereinabove directed to be paid to Jean Rushmore
Patterson and Sophie Meldrin Coy shall, if either of them predecease me,
be paid to her issue or descendants, such issue or descendants to take in
equal parts, the portion that his, her or their parent would have taken, if
living at the time of my death, and if either of them shall pred,Tease me
without leaving issue or descendants, the sum hereinabove directed to be
paid to her shall fall into and become a part of my residuary estate.
Sixth: Out of the balance of my estate remaining after the payment of
the bequests as directed by the foregoing provisions of this will, I authorize and direct my said executors and trustees, or such of them as shall
qualify, their survivors or survivor, successors or successor, to pay over
the following sums of money to the persons named and which sums I hereby
Rive and bequeath to such persons, respectively, viz.:
To Abbie C. Hyde, of Livermore Falls, Me., the sum of $1,000.
To Mildred L. Sawtelle, formerly Mildred L. Tibbetts, the granddaughter
of my father's late wife, of Livermore Falls, Me., the sum of $5,000.
To Mary Wheeler Dewart, wife of William T. Dewart, the sum of $10,000.
To Mrs. James II. Lockhart, of,Jersey City, N. J., the sum of $10,000.
Bequests to Employees.
To the following persons who are at present or have been in the employ
et the Frank A. Munsey Co., or by other companies controlled by the said
Frank A. Munsey Co., or by me, the same hereinafter stated, each of which
sum I hereby give and bequeath to such persons, respectively, viz.:
To William T. Dewart, the sum of $50,000; to Richard H. Titherington,
the sum of $50,000; to Matthew White Jr., the sum of $10,000; to Christopher H. Pope, the sum of $25,000; to Erman J. Ridgway, the sum of
$25,000; to Robert H. Davis, the sum of $10,000; to Charles H. Stoddart,
the sum of $10.000; to Robert Ferris, the sum of $10,000; to C. H. Tate,
the sum of $10,000; to Joseph Brannigan, foreman of composing room, the
sum of $10,003; to Henry Ney. the sum of $10 001: to Clareman T. Dixon,
the sum of $10,000; to Fred A. 'Walker, General Manager of "The Evening
Telegram" of New York. the sum of $10,000; to F. B. Walker, Manager
of the Mohican Hotel of New London, Conn., the sum of $10,000; to Hazel
Lyons, the sum of $10,000; to Minnie Ostorhol, the sum of $10,000; to
Hilda Howbert, the sum of $10,000.
Seventh: I direct my executors to set up in their hands as trustees a
separate and independent trust fund for each of the following persons, cutRelent to produce the amounts of annual income set opposite their respective names and to pay over said income to them during their respective
lives, namely:
To Ida F. Newell, wife of W. H. Newell, of Lewiston, Me., an annual
income of $2,000.
To James II. Plummer, of New York City, an annual income of $2,500.
To Mrs. Hart E. Pryor, formerly Annie Downs, who formerly resided in
Gardner, Me., an annual Income of $2.000.
The following is the text of Mr. Munsey's will:
To Mrs. Sherburne, daughter of the late Abel and Lucy Young, of Smithfield, Me., an annual income of $1,000.
bachelor,
New
York,
I, Frank A. Munsey, of the city, county and State of
To George Doyle, of Lewiston, Me., an annual income of 8500.
being of sound and disposing mind and memory, do hereby make, publish
To D. 0 S. Lowell, of Roxbury, Mass., an annual income of $2,000.
and declare this to be my last will and testament, and do hereby revoke
To Matthew White Jr., of New York City, an annual income of $5,000.
and annul all other wills and codicils thereto by me heretofore made.
First: I direct my executors hereinafter named to pay my funeral ex$250,000 to Bowdain College.
penses and just debts as soon after my death as may be practicable.
Eighth: I give, devise and bequeath to Dowdoin College of Brunswick,
Second: I desire and direct that my remains be interred in the Munsey Me.,
the sum of $250,000.
family plot in the cemetery of the Lisbon Falls Cemetery Association at
Ninth: I give, devise and bequeath to the Maine State Hospital of
Lisbon Falls, in the State of Maine.
Portland, Me., the sum of $100,000.
I give and bequeath unto the said Lisbon Falls Cemetery Association of
Tenth: I give, devise and bequeath to the Central Maine General HosLisbon Falls, in the State of Maine, or to such persons, officials or body pital of
Lewiston, Me., the sum of $50,000.
corporate as may control and administer the said cemetery of said Lisbon
Eleventh: All of my estate which shall remain after payment of the
Falls the sum of $25,000 to be held in trust to invest and reinvest the same legacies in accordance with the foregoing provisions of this will, of whator to allow interest thereon, and to apply the income received therefrom to soever character and wheresoever situate, I authorize and direct my said
the general purposes of the said cemetery. It is my wish, however, that
executors and trustees, or such of them as shall qualify, their survivors
such general purposes include the maintenance, preservation and repair of or
survivor, successors or successor, to transfer, pay over and deliver to
the said Munsey family plot in said cemetery, and all structures that may the
Metropolitan Museum of Art in the City of New York., which said
be erected thereon.
estate I hereby give and bequeath unto said Metropolitan Museum
residuary
jewelry,
furniture,
pictures,
clothing,
my
Third: I give and bequeath all
of Art.
sister,
effects
personal
to
my
other
and
silver
bric-a-brac,
objets d'art,
Twelfth: Each and every sum which my said executors and trustees are
Emma J. Hyde, the wife of John M. Hyde, of Lewiston, Me.
hereinbefore directed to pay to any individuals or corporation is intended
Fourth: I give and bequeath all of my pictures or portraits of friends
by me as a bequest or legacy to such individual, Individuals or corporations,
or acquaintances to the respective subjects thereof, who may be alive at
which bequest and bequests are hereby made and which legacy or legacies
such
may
of
of
as
them
portraits
or
pictures
the
and
death;
my
of
the time
are hereby given to the said individual, individuals or corporations, repredecease me, I give and bequeath to their respective families.
Fifth: All the rest, residue and remainder of the estate of which I may spectively.
Thirteenth: Whereas, so large a percentage of my property is 'vested in
die seized or possessed, whether real, personal or mixed, and wheresoever
good will that it would require some time to convert my entire property
situated I give, devise and bequeath until my executors hereinafter named.
into cash with any reasonable conservation of said property. Newspapers,
or unto such of them as shall qualify, their survivors or survivor, successors
periodicals and merchandising properties are not easily sold. To dispose
or successor, in trust, nevertheless, for the uses and purposes hereinafter
of them to advantage means finding customers for them. This might be
set forth, to wit:
done quickly or might call for five or eight years. I should need as much
To pay over and deliver to my sister, Emma J. Hyde, wife of John H.
time to turn them into cash myself. To expect my executors to accomplish
Munsey
the
of
capital
stock
of
shares
the
3,000
Me.,
Lewi3ton,
Hyde, of
this in less time than I should require would be asking of them something
Trust Co. of Washington, D. C.
they would doubtless fail to perform.
To pay over and deliver to themselves as trustees, 4,000 shares of the
I therefore direct that my executors have five years in which to convey
capital stock of the Munsey Trust Co. of Washington, D. C., and to pay
my property into cash and more time if in the discretion of the court they
over the dividends and income therefrom to my niece, Gertrude E. Maeshould have it. Forced liquidation of my publishing and other interests, in
Naught, the daughter of the said Emma J. Hyde, during the term of her
which good will is a big factor, would mean slaughter of my assets. All
natural life, and upon her death I give and bequeath said stock In equal
be paid as soon as sufficient money is realized from my
shares to her children absolutely, the issue of any deceased child to take bequests are to
estate to do so. In the mean time the legatees are to receive interest quarthe share, per stirpes, its parent would have taken if living.
per annum from the date of my death from the
To pay over and deliver to Fred G. Hyde, my nephew, a son of the said terly at the rate of 5%
the amounts of their respective legacies.
Emma J. Hyde, 2,000 shares of the capital stock of the Munsey Trust Co. income of my estate on
It is my intention that this direction shall in no way prevent the vesting
of Washington, I). C.
immediately upon my death. Should this direction conTo pa,: over to Jean Rushmore Patterson, wife of Captain Charles H. of said legacies
against perpetuities or otherwise, so as to render this,
Patterson, the sum of $25,000, which sum I hereby give and bequeath to flict with the law
my will, or some part thereof, inoperative or invalid, this direction 'is to
her.
To pay over to Sophie Meldrin Coy, wife of E. H. Coy, of New York, be disregarded.
Fourteenth: For the purpose of carrying out any of the provisions
N. Y., the sum of $50,000, which sum I hereby give and bequeath unto her.
give and grant unto my said executors and trustees,
To pay over to my aunt, Mrs. Abbie Hopkins, widow of Samuel R. Hop- of this will, I hereby
them as shall qualify, their survivor or survivors, succeskins, of Portland, Me., the sum of $20,000, which sum I hereby give and or unto such of
sor or successors, full power and authority, in their absolute discretion
bequeath unto her.
tofore received.
"Mr. Munsey's gift comes at a particularly opportune moment, for the
Museum is facing next year a serious deficit in its mere administration
expenses.
Proof of Confidence.
"I know nothing definitely of Mr. Munsey's fortune, but from the meagre
information at hand I understand it to be so large as to make his gift the
greatest ever received, so far as I am aware, by any museum of art. It
is a remarkable proof of his confidence in the administration of the Museum,
present and prospective, in its policies and in its permanence as the great
the
art museum of America. Perhaps he found some inspiration from
late Mr. Laffan, who preceded him in control of 'The Sun' and who was a
most efficient trustee.
"As to what use the Museum will make of these increased resources, this
will have to be determined by the trustees after they have received them.
Neither I as President, nor any one of our trustees or staff would be authorized to decide, or even forecast, just what these uses may be.
"We have many present needs, particularly on the educational side,
which is a comparatively recent development. We need more personnel.
We sorely need more accommodations for classrooms, study rooms, small
galleries and the like. Our relations with the universities, colleges and
our own New York public schools have become very close and make increasing demands upon us. Our opportunity in such directions is very
great. We shall do our best to make the most of them."
OCT. 2 19261
THE CHRONTGLE
to sell and convey any and all property, whether real or personal, of
which I may die seized and possessed and wheresoever the same may be
situated and to make, execute and denier all deeds, conveyances, bills
of sale, grants and other instruments necessary, suitable or proper to transfer good. sufficient and val:d titles thereto.
In connection with the settlement of my estate, I further authorize and
empower my said executors and trustees to sell any and all property of
which I may die seized and possessed either for cash or upon such terms
of credit as to them may seem best and with or without security. I further
authorize my said executors and trustees, if they shall consider such course
advisable, and the same shall be legally permissible, to borrow money
upon the security of my real and personal estate of which I may die seized
and possessed, and as security for any money so borrowed, to mortgage
any such real and personal estate for such reasonable time as they may
deem to be proper and for the best interests of my estate.
I hereby release and discharge my said executors and trustees of and
from any liability, responsibility or charge whatsoever, and for any loss or
'damage that may result to my said estate by reason of any sales of any
property on credit, as hereinbefore permitted.
Fifteenth: All collateral inheritance, transfer or other taxes which become payable solely as the result of my death and of the succession to
my estate or any part thereof, whether State or Federal, shall be paid
from my general estate, without impairing or reducing the amount of any
legacies or payments herein given or directed to be made, save that of the
final residuum of my estate to be transferred and paid over to the Metropolitan Museum of Art as hereinbefore provided and I authorize and direct
my said executors and trustees to pay any and all said taxes and to charge
the same against said residuum of my said estate.
Sixteenth: If any person, persons or body corporate, to whom or to
which any bequest or benefit is given herein, or for whom any provision
of any kind is herein msde, or to whom any benefit is hereby intnded to
be secured, shill institute, or share in conducting or prosecuting any proceeding or proceedings to oppose the probate of this will, or to nullify.
change or restrict any of its provisions, or shall do or cause to be done,
or share in doing or musing to be done, any acts or things for the purpose
of impeaching, impairing, setting aside or invalidating any provisions of
this will, such person, persons or corporation shall he and hereby are excluded from any benefit from, or participation in my said estate, and any
and every provision herein made for any and all such person or persons or
corporation, shall thereupon become null and void and the portion, or
portions of my estate which would otherwise have been received by or have
been held for the benefit of said person, persons or corporation, shall fall
Into and become a part of the residuum of my said estate which is hereinbefore directed to be paid over to the Metropolitan Museum of Art.
Seventeenth: I hereby nominate and appoint my friends, William T.
Dewed, Richard H. Titherington and the Guaranty Trust Co., of New
York. to be the executors of and trustees under this my last will and testament and request that they be permitted to serve and act in both capacities
without giving bond or other security.
Eighteenth: Immediately after my death I authorize and empower
my
executors to take into their possession all personal property or evidence
thereof and all deeds of real property then owned by me or other evidence
of such ownership and to hold the same pending the probate of my
will,
hereby giving and granting unto my said executors any and every
power in
the premises which I am capable of conferring upon them, jointly and
severally, to act to the best of their ability and within their respective
discretions, in preserving the property and assets of which I may die
seized
and possessed until my will is probated.
Any expenses incurred by them or by either of them in carrying
out the
provisions of this paragraph of my will I hereby charge Upon the general
assets of my estate as expenses of administration, and I hereby
release and
discharge them and each of them from any and all liability or responsibility to my said estate or to any person. persons or corporation
whomsoever or whatsoever arising out of any act or thing done in
accordance
with the authority herein granted or intended so to be.
In witness whereof I have hereunto set my hand and seal this
21st day
of June in the year one thousand nine hundred and twenty-one.
FRANK A. MUNSEY. (Seal.)
Signed and sealed by the testator, in our presence, and
published and
declared by him to us to be his last will and testament,
whereupon we,
at his request and in his presence, and in the presence of each
other, have
hereunto subscribed our names as witnesses, this 21st day of June
1921.
II. B. Ward, Springfield, L. I.
DAVID B. SIMPSON, 11 West 39th Street, New York
City.
The Situation of the Florida Banks.
The Miami Mortgage dr Guaranty Co. of Miami, Fla.,
has issued a circular discussing as follows the recent bank
failures in Florida: '
A groat deal has been written and printed recently about
Florida bank
failures. Some of the articles and statements which have
appeared In
newspapers and magazines have been based on accurate
many unfortunately, contained figures and statemencsinformation, but
which
cidedly Inaccurate. In the first place, the Florida bank failures were dehave been
confined to comparatively small institutions. While failures
of large banks
in the United States have been very rare for many years,
the number of
small bank failures throughout the country over a period
of years is quite
large. We have recently ri ceived figures from a source
which we believe
to be absolutely reliable. Indicating that the number of
bank
nine Western States—Colorado, Wyoming, Kansas, Missouri, failures in
Nebraska,
Minnesota, Iowa. Oklahoma and Montana. over a
six-year period has
amounted to the startling total of 1.007. In
Florida there have been
forty six bank failures in a period of four years and forty-one
of these have
occurred this year. It is the number of these failures rather
than the total
of deposits involved that has caused so much comment.
Out of these
forty-one banks thirty-one were connected with the chain
of
and Florida banks of which the Bankers Trust Co. of Atlanta. Georgia
Ga., was
the central financing organization. The Bankers Trust Co. had
an agreement with each of the banks connected with its chain, making
it (the Bankers Trust Co.) the fiscal ascent of that bank in loaning out all
surplus money
not needed locally. In return it agreed to make loans to
the various
member banks when needed and to establish a guarantee
fund for the Purpose of guaranteeing the deposits of the member banks
The Bankers Trust Co. was Incorporated In 1911 and
Was not itself a
bank under the laws of the'State of Georgia. It was not
under du jurisdiction of the State Comptroller and was not required to
comply
banking laws. Under the general theory on which the chain was with the
operated
the banks which had surplus money were to loan that money
through the
Bankers Trust Co to the banks which happened to be in
need of money.
This system worked very well as long as it war; legitimately
handled.
The profits of the Bankers Trust Co. grew enormously and Its
credit was
1719
excellent. It appears, however, that the men who controlled the Bankers
Ti ust Co. were not satisfied with legitimate profits and began several years
ago to eivert the funds which they controlled to their own uses instead of
loaning them to other member banks as they should have done. The
Bankers Trust Co. failed in June (1926) and the State of Georgia at once
started its investigation. Receivers were appointed and tits books were
audited. The auditors' report showed that $11.796,569 69 of notes and
other obligations had been scld to the various banks belonging to the chain
and to a few oth•rs. Many of those notes and obligations were guaranteed
by the Bankers Trust Co. The receivers' report, in referring to this,
states that "Such paper, it appears, was In most instances that of firms or
corporations in which officers of the Bankers Trust Co. were appmently
either directly or indirectly interested financitily, or Ind's+ us's associated
with them, and it is this paper almost without exeeptioi, which in our
opinion has caused the closing of the banks in Gee rgli and Flo ida essodated with this company." In other words the Bankers Trust Co. instead
of loaning the surplus funds of its banks to other banks, loaned this money
largely to firms and corporations in which the officers of the Bankers Trust
Co. or people associated with thorn were direnly or Indirectly interested.
When the Bankers Trust Co. found that it needed this money for other
purposes these loans were not paid and this caused the lasolvency of the
Bankers Trust Co. and also the closing of n ost of the Georgia and Florida
banks belonging to the chain.
The failure of the ten small Flor'da banks which did not belong to the
Bankers Trust Co. chain reprezents the weeding out of the unsound bankers
of the State. We have had n Say inquiries asking what effect the failure
of these forty-one backs has had on Florida. The anima, is that it has had
very little effect. The totel deposits of these banks represent only onetwentieth part of the deposits of all the banks of the State. Out of these
forty-one banks, six have already been reopened and fifteen already have
reorganizations under way which meet with the approval of the Comptroller. It is impossible at this time to tell what possibility of loss there is
to depositors. The possibility of loss hinges largely on the payment of
loans by the Bankers Trust Co. and it is not possible to tell accurately at
the present time how these loans will work out, but according to the best
opinions available, it is not possible for the l•-ss to exceed an amount equal
to 1% of the deposits of the State and it is believed that the actual loss will
be considerably less than this amount. It will be readily seen from the
consideration of these facts that these failures have not had any appreciable
effect on the State as a whole.
The backs of the State of Florida as a whole are In excellent condition.
The fcllowing is the combined statement of all the State banks, that is all
banks except national banks in the State of Florida, as of June 30 1926:
Assets.
Short time loans
5213.090.716 65
Overdrafts
161.501 08
United States, county, municipal bonds and other Securities 47.318.759 99
Banking houses, fixtures and real estate
11.252.400 40
Other resources
974.054 68
Cash on hand and due from banks
97.974,632 88
Total
Liabilities.
Capital stock
Surplus and undivided profits
Dividends due July 1 1926
Deposits
Outstanding checks and due to banks
Bills payable and rediscounts
Bonds borrowed
Reserve for Interest and depreciation and miscellaneous
$370.772,065 68
$18,882.500 00
18.110.281 27
418.587 25
300.725.135 93
19.913.939 67
9.304.746 39
2.019.163 60
1.397.711 57
Total
$370.772.065 68
It will be seen from this statement that these banks are carrying a cash
reserve of 32 6-10%. Thla is a very high percentage of cash for banks to
carry and undoubtedly is one of the highest percentages of any State in the
United States This high cash reserve has been maintained for some time.
On April 18 1925. it was 3637%.on June 30 1925 it was 35.84%, on Sept.
28 1925. it was 35.59% and on Dec. 31 1925, It was 31.46%. The cash
capital and surplus of these banks is equal to 12 1-3% of the total deposits)
which is also a high percentage. The national banks in the State of Florida
on June 30 1926 had a total capital and surplus of 524.976.000 and total
deposits of $303.577.000. The total deposits of the State. therefore, on
June 30 were over 5604,000 000.
Let us now consider for a minute the statements of the 7 largest banks in
the City of Miami (state and national) as of June 30. These banks form
the membership of the Miami Clearing House Association and have approximately nine-tenths of the deposits of the City.
COMBINED STATEMENT, MIAMI CLEARING HOUSE BANKS—
JUNE 30 1926.
Assets.
Short time loans
539.790 770 01
Overdrafts
2.496 89
Banking houses furniture and fixtures
957.547 29
United States Government securities, Commercial Paper,
call loans and other marketable bonds and securities_
34,625.730 53
Cash on hand and due from banks
31.865.163 09
Customers liability under letters of credit
56.800 00
Other assets
51.221 87
Total
$107.349.729 68
•
Liabilities.
Capital
54.850.000 00
Surplus and profits
3.779.929 91
Letters of credit
56.800 00
Bonds borrowed
65.800 00
Deposits
98.597.199 77
Total
5107.349.729 68
Again we find that the cash reserve is over 32% of the total deposits.
The Miami Clearing House Association gets detailed statements from all
of the member banks every Saturday afternoon and makes an analysis of
these figures. Its analysis of Saturday. Aug. 28. shows that these banks
were 48 Si% absolutely liquid. In other words.48 Si% of their deposits were
represented by cash on hand and in other banks and United States Government and other securities that could be turned Into cash within 24 hours.
This figure does not include call loans, maturing loans and other assets
that could be liquidated within a few days. This percentage is very much
higher than the percentage ordinarily maintained by banks throughout
the country and illustrates the liquid condition of the larger Florida banks
at the present time and the very conservative lines along which they are
opera ted.
The figures In this article relating to state banks were obtained direct
from the State Comptroller's office, and the figures relating to national
banks were obtained from Comptroller of the Currency at Washington.
THE CHRONICLE
1720
[VOL. 123.
I predict that Miami will make a world record comeback. The people
The Hurricane at Miami—Florida Officials Reported here have the enthusiasm. the Will to do, an unshaken faith In the future
of this great city. It is the same people who have created the fastest
as Minimizing. Loss.
growing city In America who are now turning their energies and enthusiasm
in
"Sun"
announced
the
York
1)
New
(Oct.
night
Last
to the work of reconstruction in Miami.
(Signed) E. C. ROMFH, Mayor,
that
an Associated Press dispatch from Richmond (Va.)
City of Miami.
Mayor Bright of that city had ordered delivery stopped on
Sept. 24 1926.
relief
to
30
Sept.
mailed
on
was
which
810,000
for
a check
The Associated Press reported the following from West
workers in Miami, Fla. The same paper printed the follow- Palm Beach, Fla., Sept. 30.
ing (Associated Press) from Washington.
Total deaths from the tropical hurricane which swept over the east coast
Florida officials from the Governor down and real estate operators
were accused to-day by John Barton Payne. American Red Cross Chairman,
of handicapping Red Cross relief plane through the minimizing of losses
in the Florida hurricane.
The sentiments of Mr. Payne were disclosed In a telegram to C. C.
Pinckney. Chairman of the Richmond (Va.) Red Cross Chapter. which
discussed the financial needs of the situation.
"The poor people who suffered are rerarded as of less consequence than
the hotel and tourist business In Florida." the telegram said. "The
Red Cross feels bound to go forward and do the job Just the same, and
every one should help.
"Our officials on the ground report the greatest need since the San
Francisco disaster. with 5,000 homes totally destroyed and 18 000 families
Impoverished. Red Cross assistance given only on basis of actual need.
not losses."
The message was sent in reply to an inquiry received from Mr.Pinckney,
which read:
Says Loss Was Exaggerated.
"City of Richmond, believing that Miami and surrounding country had
suffered greatly, voted 810.000 to the stricken area, the check being mailed
by our Mayor this day (Thursday) to Mayor Romfh of Miami and Meer
of Red Cross.
"To-night our Mayor showed me a printed circular letter signed by
Mayor Romfit under date Sept. 21 saying Romfh was convinced a very
exaggerated idea of Miami's real conditions has been created: that there
has been a hurricane and some cheaply constructed houses blown down and
ROMP house boats lost. The damage not so great as that Miami would not
be open to welcome visitors as Usual this winter
"The sentiment of gratitude or real need seems entirely lacking from the
letter. The Mayor of Richmond was considering recalling the check sent
by this city and asked if we felt justificd in accepting further contributions after reading Miami letter. We received 81.000 from Retail Merchants' Association this evening, but will not deposit until we receive your
positive instructions."
of Florida on Saturday. the 18th, were approximately 400, and there were
2,500 injured. 500 seriously, according to figures announced by Dr. William
R. Redden, director of Red Cross medical relief work.
Dr. Redden, In making public the figures, said that they represented as
near an approximation as could be obtained at this time. The estimates,
said Dr. Redden, were made after careful survey and check of the entire
disaster area.
The following "official storm statement" comes to us
from Mayor Romfh.
Industries Hit Hard.
•
Industries and public utilities, exclusive of delay in production and service
In the few days after the storm, were believed to have suffered a loss of
$5.000,000. Shipping bore Its quota of losses, estimated at 85,000.000.
No craft, with the except on of several large ocean-going liners moored in
sheltered docks, escaped.
Money from all sections of the nation continued to pour in to-day, the
total fund last night having aggregated 8191.668. Many contibutions
swelled the total, a large contribution having been received in merchandise.
Appeals for labor, both skilled and common, have been received to assist
in rehabilitation work.
From the thousands of telegrams pouring Into Miami, hundreds of which
are addressed to the Mayor of the city. lam convinced a very much exaggerated Idea of Miami's real condition has been created. I regard it as a duty
to the public at large to set forth as briefly as possible the situation as it now
exists and its relation to the future of this city.
The West Indian hurricane which swept over an area of 60 miles on the
Atlantic coast on Sept. 18, extending 30 miles north and 30 miles south of
Miami. was by far the most severe and destructive storm that ever touched
the mainland of the United States. Miami in her 30 years of existence
has never been materially damaged before.
There was a great amount of damage to buildings through their unroofing, the breaking of etndows, and the blowing down of poorly constructed
buildings In the outlying districts. The larger business buildings, the better constructed homes, hotels and apartments were mostly famaged by
the breaking of glass and in some instances the covering of roofs were loosened or blown off, and thus the heavy rain created the most damage. There
was great destruction to the tropical palms and foliage.
The electric light plant, water and gas systems were put out of commission. The water and gas service now is normal. The electric system
has been restored in the central business district and service to large residential areas is being added daily.
The most regrettable part of the storm was the number of deaths which
totals 106 to date in Dade County. There were 854 injured placed in regular
and temporary hospitals, 450 of whom have been discharged. The citizens
committee did heroic work the first few days in caring for the Injured.
However, this work has now been taken over by the Red Cross and this
organization is handling the situation with the utmost efficiency.
Small buildings in outlying districts, cheaply constructed, were blown
down. It was In these and in houseboats that the greatest number of deaths
occurred. There was great damage done to yachts and pleasure boats, but
most of these will be put in shipshape order for the coming season.
It is remarkable that a city of 160,000 or more people should have gone
through such a severe storm with comparatively so small number of dead and
Injured. This is accounted for by the fact that this city has the largest
percentage of concrete buildings of any city in the United States.
Of the 150 hotels in Miami, Miami Beach and Coral Gables, 75% were
not damaged to any great extent. The year-around hotels are operating
as usual. Of the 1.200 apartment houses, 70% received little damage.
All hotels and apartment houses will be completely repaired and put in
first-class condition within 60 days.
There are thousands who have lost all and are destitute and who must
have financial aid In order to get back upon a self-supporting basis. These
are the smaller home owners, smaller tradesmen, workers and people of
very moderate means. It is to aid these people that the citizens relief
committee and the Red Cross issue their appeal for assistance. That
need is acute and genuine.
But there are other thousands who have the finance or can make satisfactory arrangements to rotors their own homes and replace effects damaged
or destroyed. These are contributing to the aid of their destitute neighbors.
but financing their own losses makes it impossible for them to contribute
in sufficient amounts to supply all the urgent needs. Miami greatly
appreciates the spontaneous sympathy which has been shown by the
American people as expressed by President Coolidge.
In the six days that have passed since the storm, this city has come
back with a speed that is absolutely amazing. No one who has not been
on the ground .checking up the progress,can realize the tremendous recovery
a united. courageous. indefatigable citizenship has made.
Day and night, with little sleep, tens of thousands of men and women
have co-operatively labored, not only to relieve the suffering, to feed the
hungry, to house the homeless, but to repair, rebuild and to remove the
debris left in the wake of the storm.
I want to give positive assurance that our friends will find Miami this
winter the same enjoyable, hospitable, comfortable vacation city it has
always been.
•
From the New York "Evening Post" we take the following
Associated Press advices from Miami Sept. 27.
Miami and eight neighboring communities in the hurricane-swept area
to-day resumed their interrupted task of rehabilitation after a Sabbath
observance.
Observation through the Greater Miami zone during the week of reconstruction has prompted an estimate of property losses of approximately
$75,000.000 a figure named in the original estimates and concurred In by
business and civic leaders.
Damage to innumerable homes, many demolished, others partly wrecked
and thousands with loss to furnishings by water, was estimated at $20.000.000. the major item in property losses. Apartment houses, better constructed for the most part other than houses through this section, suffered
approximately $2,500,000 according to the unofficial tabulation.
Office Buildings' Losses.
Office buildings, the majority of which are in downtown Miami. lost
windows and furnishings In wholesale quantities, but only one structure in
this group suffered beyond repair, this single exception being the MeyerMeer Building. The total office building loss was placed at between
82.000.000 and $2,500,000.
Churches suffered loss amounting to $500,000.
Theatres and other amusement structures were damaged to the extent
of approximately $250000. Damage to garages and automobiles has been
estimated at $5,000.000.
Ruined wharves and docks, stretching along the bay front .the water
front of Miami River and the western rim of Palm Beach, accounted for
more than $500,000 damage, It was estimated.
The disaster was referred to in these columns a week ago
page 1587.
Armour Grain Co. of Chicago Charged by Secretary
of Agriculture With Violation of Grain
Futures Act.
Secretary of Agriculture W. M. Jardine on Sept. 27 issued
a citation under the Grain Futures Act calling on the Armour
Grain Co. of Chicago to show why an order should not be
issued directing all contract 'markets to refuse trading
privileges to the company. A hearing will be held Oct. 11
in room 717, Postal Telegraph Building, Chicago, befcre
Fred Lees, a referee designated by the Secretary of Agriculture to conduct the investigation. The statement issued
in the matter by the Department of Agriculture says:
It is charged in the citation that the Armour Grain Co., in violation of
Section 5 of the.Gmin Futures Act, attempted to manipulate the market
price of grain on the Chicago Board of Trade. Two grounds for this charge
are stated, namely, that It had a quantity of rye screenings mixed with
No. 2 rye in a public warehouse and had warehouse receipts issued for this
material as No. 2 rye; and, secondly, that it catised to be reported as part
a
of the public regular elevator stocks of grain in Chicago quantity of rye
contracts, which in effect was
as No. 2 rye, a grade deliverable on futures
not of a grade deliverable on such contracts. This action, It is alleged, was
a violation of a clause In the Grain Futures Act forbidding the dissemination
of false and misleading reports tending to affect the price of grain in interState commerce.
"In furtherance of its aforesaid attempt to manipulate the price of grain."
says the citation, the company did "cause to be transferred from that part
of the Northwestern Elevator orerated as a private warehouse to that portion thereof conducted as a public warehouse by the Export Elevator Co..
a subsidiary of respondent, under a license issued pursuant to the laws of
the State of Illinois and designated by said Board of Trade as a regular
warehouse for the storage of grain deliverable upon futures contracts made
upon said Board of Trade, five carloads of rye screenings, consisting of approximately 5.000 bushels, and did cause said screenings to be stored In
said public warehouse. and warehouse receipts to be issued therefor as and
for No. 2 rye, In the name of F. S. Lewis & Co.. and thereafter did cause
said rye screenings to be mixed with No. 2 rye in store in said public warehouse."
Dean Inge Predicts Waning Power of Great Britain
with United States in Ascendency—Expects United
States to Leave Britain to Fate Unless Latter
Is Invaded by Black Army.
Great Britain as a world power is pictured
of
waning
The
by Rev. William Ralph Inge, Dean of St. Paul's England,
OCT. 2 192(3.]
THE CHRONICLE
in a book brought out this week by Charles Scribner's Sons.
The book, which is one of a series on "The Modern World,"
bears the caption "England." In it the Dean says:
Everything points to a coming time of trial for the nation and the empire. It seems, then, for every reason unlikely that our position as a
World Power, which was made possible by a combination of circumstances
which are no longer operative to the same extent as formerly, and which
was taken advantage of and used to the full by the wonderful energy and
ability of our countrymen, will endure much longer. . . . The greater
security of America will alone be enough to give her decisive advantage
in our competition with her.
He predicts that "if in the future we are attacked by a
European coalition, we may take it as probable that the
United States will leave us to our fate, unless, indeed, we
are invaded by a black army." Some of the Dean's visionings are referred to as follows in the New York "Times"
of Sept. 27:
Naval Supremacy at an End.
English naval supremacy is at an end, and with it the instrument by
which we built up and maintained our empire. Naval strengthdepends
mainly on national wealth. We are no longer rich enough to build ships
against all
,
possible rivals, and the Americans by insisting on our repayment of the vast debt, incurred for the sake of France, to which we rashly
put our names, have secured that we shall remain permanently trihntary
to themselves and unable to challenge them on the water.
Our Government had practically to choose between accepting Wilson's
"point" about the freedom of the seas, conceived in an unfriendly spirit
to Britain, and agreeing to a numerical equality between the British and
American fleets. They wisely accepted the latter, since the unlimited
resources of the United States would make effective competition impossible.
Our position as a world Power is thus permanently altered for the worse.
There are no occasions for war between the British Empire and the
United States, since our Government invariably gives way. We sometimes
even flatter ourselves that on any great moral issue we are more likely to
find America ranged on our side than against us. But no such comforting
reflections are possible when we turn to our altered position in regard
to our nearest neighbor in Europe.
Attacks Attitude of France.
We drew the sword primarily for the sake of Belgium, because it has
been a fixed principle of British policy that we cannot allow the harbors
of Belgium and Holland to pass under the control of a great military Power.
We have fought several wars, chiefly against France, to prevent this
from
happening. New we have been compelled to allow an alliance
between
France and Belgium, which would place the smaller country at the
service
of the gerater in the event of another war.
Dean Inge goes on to point out the growing military power of
France, and
that country's dominant position in European affairs, although,
he says,
Its ambitions are built on sand. France has become, however,
he says, a
distinct thorn in the side of England. France imposed a
"deplorable
peace," he says, not only on Germany, but also on her Allies.
France was
determind to ruin Germany by imposing an impassible indemnity.
• "Although France was less impoverished by the war than
any other
belligerent, the French refused to pay any part of their debts
to their
Allies, and imposed no severe taxes on their citizens," Dean
Inge continues. "Their policy was purely self-regarding, and was the
most Injurious to Great Britain that could have been conceised, since
the interest
of England was to bury the hatchet and get back to business.
On the subject of the Ruhr occupation Dean Inge says:
"No attempt was made to mitigate the insults and injuries
which this
aggression caused in Germany. The French had decided that German
hatred and the desire for revenge must be accepted as inevitable;
with
logical ruthlessness they decided to make that hatred impotent.
Economic Blow to England.
"The economic disablement of England which their policy would occa•
Mon was a further motive for persisting in it. So a new crop of dragon's
teeth was recklessly sown, and a new destruction of the balance of power
in favor of one bellicose and intensely ambitious nation was systematically
undertaken.
"But the new Napoleonism has even less chance of success than the
old.
The French people are unwilling and perhaps unable to pay for it. The
repudiation of debts of honor may ultimately be less remunerative than
Napoleon's system of plunder and blackmail.
. . The immense power
Of France at the present moment has a very insecure base. . . .
"That England has labored earnestly fcr peace cannot possibly
be gainsaid. It was mainly for idealistic reasons that we dismantled
our splendid
air force, thus making it impassible for us to back our counsels
of moderation with any threat of coercion."
The greatest hope of the British Empire, Dean Inge holds,
lies in the
friendliness of the United States, but he places little reliance
on such an
alliance and even believes that this country is hostile to England.
Sees End to Federation Dream.
"The dream of a federation of the English-speaking
nations has long
been supremely attractive to Englishmen," he continues. "The
language, institutions and traditions made such a vision seem identity of
and many lovers of peace hoped, as a few still hope, that the reasonable,
nations of
English descent and speech might combine to put a stop to
the mad militarism which threatens civilization with total ruin.
"But events have shown that to rely upon the help of the
United States
would be to trust in a broken reed.
"It has now become certain that the American Government
contemplated taking action against us in the earlier part of seriously
the Great
War. Whateiar sentiment was allowed to enter into their
calculations
was in favor of France, not of England. And if in the future we are
attacked by a European coalition, we may take it as probable that the
United
States will lease us to our fate unless, indeed, we are invaded by a
black
army. It would be difficult to find any well-informed American however
favorable his personal views might be to this country, who would
say that
friendship with America could bring us any security."
Main Problem in the Empire.
The main problem which confronts Britain, Dean Inge says,
lies within
the Empire. "It has yet to be proved whether we can hold together
a
loosely bound confederacy, scattered over the whole world and
containing
large alien elements in its population," he explains. "The strain
of the
'great war was borne magnificently, and the result vindicated the
wisdom
of our policy in giving our colonies complete internal freedom. There
do
not seem at present to be any forces tending directly to disruption, though
the Americans, ignorant, it would seem, of Canadian feeling, sometimes
use arrogant language about 'taking over' that half of North America which
1721
is under our flag. The future of India is more doubtful, and might be in
great peril if a rising occurred while a doctrinaire Socialist Government
was in power."
Canada's Chief Safeguard.
"The chief safeguard of Canada is really that it is not in the interest
of the•United States to conquer it. . . . If the British flag were hauled
down on the North American continent, it is more than possible that the
nations of Europe, enraged by the bloated prosperity and airs of superiority
of 'the man who won by the war,' would combine to draw Shylock's teeth;
and Great Britain, after losing Canada, would no longer have any motive to
help a nation which, in the circumstances supposed, would have finally
forfeited its friendship.
"Nevertheless it is possible that a movement in favor of annexation may
spread in Canada, since that country is more and more imitating the civilization and point of view of its powerful neighbor."
' The internal condition of England herself, Dean Inge believes, is largely
due to two main causes—the disinclination of the workman to work, to
demand higher returns without giving value for it in labor, and the overpopulation of Great Britain. The problem of overpopulation leads Dean
Inge to lend some approval to birth control.
"In plain living and in high thinking will be our salvation, or the salvation of the 'remnant' which will survise the turmoils of an age of transition," he says. "Plain living will be forced upon us, whether we will or
not, for the conditions of prosperity are in part slipping from us and in
part are being wantonly torn away; high thinking will not only make us
citizens of the city 'whose type is laid up in heaven,' but will mitigate
the acerbities of a struggle for which the responsibility cannot be laid
solely on the shoulders of any one class.
"There is no disguising the fact that the country is in a state of chronic
civil war, and that the forces of law and order are on the defensive against
anti-social organizations which have no aim except to wreck the State and
destroy our existing civilization."
Suggests a Remedy.
Suggesting a remedy for some of the present conditions as he sees them,
Dean Inge says:
"Whatever remains from the habits of past generations of arrogance and
exclusiveness in social intercourse should be done away with. The notion
that one calling is intrinsically more honorable than another should be
repudiated.
"The greater security of America will alone be enough to give her a
decisive achantage in our competition with her. It seems then, for every
reason, unlikely that our position as a world Power, which was made possible by a combination of circumstances which are no longer operative to
the same exten: as formerly, and which was taken advantage of and used
to the full by the wonderful energy and ability of our countrymen, will
endure much longer."
Nationwide Real Estate Organization Formed by
Charles F. Noyes Co., Inc.
Charles F. Noyes, President of Charles F. Noyes Co.,
Inc., of this city, announced on Sept. 26 the formation of a
real estate organization with offices and agencies to be located
in every city of 50,000 or more population throughout the
country, to do a national business of buying, selling, and
leasing real estate; management of business property;
financing of new buildings and refinancing of older properties,
ard locating of chain stores everywhere. Stanley K. Green
who has had twenty years experience in the national real
estate field is President and General Manager of the new
organization and has for associates a group of men also of
national reputation. Charles F. Noyes National Realty
Corp., is the title of the new company. It is incorporated
in New York State and also in Illinois. Mr. Noyes said that
though several officers and directors of Charles F. Noyes
Co., Inc. are officers and directors of "Noyes National,"
the two corporations will be absolutely separate and distinct,
the parent company continuing to operate locally as in the
past while the new company will work in the larger field 84
far west as the Pacific Coast and from the Canadian border
to Mexico and the Gulf.
Frederick B. Lewis, Treasurer of Charles F. Noyes Co.,
Inc., declared that the entering of interests identified with
that company into the national real estate field will mean no
change of policy whatever in the affairs of the local organization. "Mr. Noyes will continue to be the head of our
company and will continue to devote all his time to local
brokerage. How urgent his services are here may be judged
from the fact that since May 1 of this year our local business
increase has necessitated a more than 300% expansion of
our organization.
The officers of the Charles F. Noyes Co., Inc., of New
York (the parent company) are Charles F. Noyes, President;
George J. Wise, Vice-President; William B. Falconer, VicePresident; Edwin C. Benedict, Vice-President; Harold S.
Ford, Vice-President Frederick B. Lewis, Treasurer and
George Wattley, Secretary.
Associated with Mr. Green in the Noyes National is
R. R. Stetson, five years associated with Mr. Green in
Baltimore; M. T. Johnson; J. William Mullins, for the past
two years Secretary of Douglas V. Eskell, Inc., and previously with Slawson & Hobbs; C. C. Hendrix and H. L
Posey.
The first office of "Noyes National" has been located in
Chicago where to domply with the laws of the state, the C. F.
Noyes National Realty Corporation of Illinois has been
1722
TT-TE CAR ONTC,LE
incorporated. Offices have been taken in Chicago in the
new Metropolitan Building at 134 North La Salle Street,
corner of Randolph, and the greater portion of the third
floor will be used for the Noyes activities in Chicago. The
offices face La Salle and Randolph Streets; overlook City
Hall and are in the financial center of Chicago and also have
the convenience of being within five minutes of all the
principal railroad terminals. The Directors and officers of
this company include Stanley K. Green, President; Leo
Raemer, William Baeder, Charles F. Noyes, David E. Block
and James L. Posey, Vice-Presidents and George J. Wise.,
Secretary and Treasurer. Block and Posey are VicePresidents and Directors of the United Cigar Stores Co. and
located in Chicago. William Jonas and James F. O'Reilly
are Assistant Secretaries and Treasurers of the Corporation.
The Chicago office of the Noyes organization opened on
September 15th and represents a consolidation of the Leo
Raemer Agency and the Chicago real estate agency of the
United Cigar Stores Co. of America which has been acting
heretofore as a separate unit in Chicago. Mr. Raemer is in
charge of the Chicago office.
The Chicago office as well as all other out-of-town offices
will function through the C. F. Noyes National Realty Corp.
of which Mr. Green is President and General Manager. It
is expected that offices will be established during the next
twelve months along similar lines to the Chicago office in
Cleveland, Detroit, Boston, Atlanta and San Francisco.
The Noyes company last year reported a business of $149,000000 which is said to have been the largest business handled
by any one-office organization in New York City. In May
of this year announcement was made that the United Cigar
Stores Co. of America had taken over a half interest in the
Noyes organization and that the Noyes company had been
appointed its managing and renting agents in the Metropolitan District. William Baeder at the head of the United
Cigar Stores Co. Real Estate Department and George J.
Wise,•Vice-President of the United, together with George
Wattley, the Secretary of the United Cigar Stores Co., are
represented on all Boards of the Noyes company, New York,
National and Chicago.
rVot. 123.
The usefulness of security.
Probable life of the property mortgaged,
The financial record of equipment trust obligations.
Supervision of issuance by Inter-State Commerce Commission.
Variety of maturity.
In his suggestion for the widening of the field of municipal bonds available
for savings bank investment Mr. Benson offered the following tentative
proposals
Obligations of school districts coterminous with or containing a territory
whose bonds are at present eligible.
Obligations of a county which includes a city with a population sufficiently large to make its bonds legal.
Reduction in the minimum population restriction of cities from 45,000
to possibly as low as 30.000.
Annual Convention in Los Angeles of American
Bankers' Association.
The coming week the deliberations of the American
Bankers' Association at Los Angeles, where the annual convention will be held from Oct. 4-7, will occupy the attention
of the bankers of the country. The program has already
been given in these columns (Sept. 11, page 1344) and in
our issue of Sept. 18 (page 1464) we referred to the departure
of the Bankers' Specials, and the tour of the Canada Rockies,
&c., which had been arranged for the bankers en route to the
Pacific Coast.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Howard
Froelick was reported posted for transfer this week to John
H. Quinlan, the consideration being stated as $150,000.
This is the same as the last preceding sale.
The New York Cotton Exchange membership of Wilton
E. Mason was reported sold this week to Archibald B.
Gwathmey for another, the consideration being stated as
$25,000. Last preceding sale, $27,000.
W. C. Potter, President of the Guaranty Trust Co. of
New York, announced the appointment of Archibald F.
Maxwell as a Vice-President of the company. Mr. Maxwell
is already well known in financial circles through his former
connections here as Second Vice-President of the National
Bank of Commerce in New York and more recently as
President of the(entral National Bank of New York. Mr.
Maxwell fir t entered the banking *field as Credit Manager
of the Mellon National Bank,in Pittsburgh. He subsequently was Assistant Treasurer of the Pittsburgh Gage &
Supply Co., and came to New York in 1913 as Manager of
the Credit Department of the National Bank of Commerce.
He was made an Assistant Cashier in 1915 and later, as
Second Vice-President, with an associate officer, was in
charge of the bank's business in the New England States
and New York State. With the organization of the Central
National Bank of New York in January 1926, Mr. Maxwell
became its first President, which position he now resigns to
go to the Guaranty Trust Co. Mr. Maxwell has been active
in credit circles for many years.
Savings Bank Association of State of New York Would
Widen Field for Savings Bank Investment.
The matter of seeking legislative authority for the widening
of the savings bank investment field came before the Savings
Bank Association of New York during its annual convention
this week at Lake Placid, N.Y. On Sept.23 the Association,
(according to the New York "Times"), spurred by the
knowledge that expanding resources of the savings banks of
the State render necessary additional investment powers,
authorized its Legislative Committee, of which Darwin R.
James, President of the East River Savings Bank in New
York City, is Chairman, to wage a vigorous fight before the
Legislature this winter to legalize electric light and power,
The Irving Bank & Trust Co. announced yesterday
gas and telephone bonds for savings bank investments and
from Assistant
to endeavor to legalize equipment trust securities for such (Oct. 1) the promotion of John S. Sammis
Vice-President to Vice-President and his transfer from its
investments. The "Times" adds:
The surprise of the session was the failure of the Association to authorize Sherman office at Fifth Ave. and 32d St., to take charge of
legalization of guaranteed mcrtgage certificates as investments for savings the Bronx office at Third Ave. and 148th St. Harry Weiss,
banks, as these certificates had been made the subject of such recommendacharge of the Hunt's Point office of
tion by two committees. The subject will be further considered. Any Assistant Secretary in
intent to reduce interest as an alternative for a wider investment field is the company, was promoted to Assistant Vice-President and
denied by officials.
transferred to the Bronx office.
The presentation on Sept. 22 of a report of a committee
Purchase of the Italian Discount & Trust Co. of this city
named to study the question featured the opening session of
the Association on Sept. 22. The report was presented by by the Bowery and East River National Bank of New York
Philip A. Benson, of the Dime Savings Bank of Brooklyn, (which is controlled by the Bancitaly Corporation) was
according to the "Herald-Tribune," which in its dispatch reported in a dispatch from San Francisco yesterday (Oct. 1)
to the "Wall Street Journal," which read:
of Sept. 22 said:
Bank of Italy states that Bowery-East River National Bank has purMr. Benson and the committee which he represents called for the relaxation of the legal limitations of savings banks' investments to permit of the chased the Italian Discount & Trust Co. in New York, giving Bancitaly
inclusion of four additional groups of securities. These groups are the interests 22 offices in New York. About $25,000,000 is involved in the
obligations of selected public utility companies, additional municipal bonds transaction.
not now provided for in the State's list of "legals," equipment trust certifiCharles Dewar Simons, retired banker, who had been assocates and guaranteed mortgage certificates.
Two bills providing for the extension of savings banks' investments into ciated with Brown Brothers & Co. for nearly half a century,
last
the
in
session
introduced
of
the Legisthe field of public utilities were
this city on Sept. 24 in his 80th year.
lature, but failed of passage by an extremely close vote. It is felt by the died at his home in
Association, however, that the groundwork has been laid for the enactment Mr.Simons, who entered the service of Brown Brothers at the
of legislation of this type, and the program has now been elaborated to age of 16 years, retired in 1912. He had long been in charge
embrace the several other types of securities mentioned.
It is suggested that certain modifications may have to be introduced in of the foreign exchange department of the banking house.
the Sargent and Mastick bills of the last session, but the bills in their Mr. Simons leaves two sons both of whom spelled the name
reneral outlines will be reintroduced.
with two "m's", one of these is E. H. H. Simmons, President
The derision of the committee to recommend extension of the legal list
to nclude the equipment trust was perhaps the outstanding suggestion. It of the New York Stock Exchange, and the other is Harriman
I witted in behalf of its proposal a lengthy report prepared oy II. F. N. Simmons, of the coffee importing firm of Bleecker &
I c n Jr., Vice-President of the Bankers Trust Co., in which he laid down
Simmons. Mr. Simons was a brother-in-law of the late
( cardinal virtues embraced by these obligatioes, as follows:
E. H. Harriman.
Jeterminable value of the security.
Salability of the security.
OcT. 2 1926.]
THE CFIRONTCLE
The directors of the Lawyers Mortgage Co., of which
Richard M.Hurd is President, declared the regular quarterly
cash dividend of 3M% on the capital stock, payable Sept. 30
to stock of record Sept. 23 1926. This is the hundredth
consecutive cash dividend to be paid by the company,
which reaches a new milestone in its history with this payment. Cash dividends of $12,740,000 and a stock dividend
of 25% have been paid in the last twenty-six years, according
to Mr. Hurd, who has been President since 1893. An important action of the directors is the issuance of a call for
a special meeting of stockholders for Oct. 20 to vote upon a
proposition to increase the outstanding stock of the company
from $9,000,000 to $10,000,000, rights to be issued to stockholders of record Nov.8 1926, to subscribe at par in the proportion of one share of additional stock for each nine shares
thus held. Subscriptions will be payable on or before
Dec. 20 1926, and new stock is deliverable Jan. 1 1927.
Mr. Hurd reported that the business of the company has
shown a steady increase and growth until to-day outstanding mortgages are in excess of $280,000,000. Since organization the company has sold and guaranteed nearly $1,000,000,000 of mortgages, of which over $653,000,000 have
matured and been paid in full. The company's surplus is
now $5,500,000 and its present capital $9,000,000. There
are no bonds or preferred stock.
Edward S. Rothchild, President of the Chelsea Exchange
Bank announced this week the appointment of an Advisory
Board which will operate in conjunction with the officers of
the Bedford Ave., Brookl n Branch of the organization.
The members of this Advisory Board which is made up of
prominent Brooklyn business men includes Albert Levin,
Joseph Brandt, Bernard J. Goldstein, A. C. Lawton and
George Shuttleworth. The Committee will be increased in
the near future by the addition of several other Brooklyn
business men. During the first ten days of business the
new Brooklyn Branch, Mr. Rothchild states, received 1,247
new accounts. Total deposits of the institution on Sept. 15,
aggregated $17,707,720 against $16,094,500 in Nov. 1925,
$13,797,600 in Nov. 1924 and $11,562,600 in Nov. 1923.
For the year ended Aug. 31 1926, the bank earned $428,500
or $29 a share on the $1,500,000 capital stock outstanding.
Announcement was made on Sept. 28 by F. M. Ferrari,
President of the Atlantic State Bank of Brooklyn (594
Atlantic Ave.) of the acquisition of a branch in Williamsburgh, the new office being formerly the private banking
house of Palumbo & Granozzi, 182 Graham Ave. at the
corner of Meserole St. The new branch will be opened on
Oct. 15. We quote below,in this regard,from the Brooklyn
"Times" of Sept. 28:
Work is progressing at present in altering the facade of the bank, and
a large electric sign is to be placed on the front of the building bearing
the words, Atlantic State Bank, Williamsburgh Branch. On August 27,
the capital of the bank was increased for the second time this year, and,
as at the time of the previous increase when a branch bank was acquired
in Manhattan, at 2105 First Ave., it was predicted that this second capital
Increase portended another expansion for the institution.
At the time of the increase, the directors voted to increase the board
from 15 to 18 members. Two of these will undoubtedly be selected from the
banking house just acquired by the bank. This was the course of procedure in the previous expansion, when S. De Vito, head of the former
branch, was made a vice-president and director of the Atlantic State Bank.
No price was mentioned in connection with the acquisition of the new
branch. The bank is completing its second year and since Mr. Ferrari
succeeded Count Magmata' as its president last April, has been expanding
rapidly. Mr. Ferrari is also President of the Harlem Bank of Commerce,
with which the Atlantic State Bank is affiliated.
The State Superintendent of Banks has approved the latest
capital
increase of the institution and also the acquisition of the new branch.
This
will be officially opened as an office of the Atlantic State Bank an
October 15.
In addition to his banking interests, Mr. Ferrari is President
of the
Italian Hospital, a member and director of the Italian Chamber
of Commerce, and a member of both the Harlem and the Bronx
Chambers of
Commerce.
That_the Reliance Investment Co., 1567 Pitkin Ave.,
Brooklyn, had received the approval of the State Superintendent of Banking to increase its capital from $200,000 to
$300,000, was reported in the Brooklyn "Times" of Sept. 28.
Continuing the Brooklyn paper said:
The company was founnect about ten months ago and counts among
its
officers and directors a number of politically prominent people.
According to Stanley K. Korket, Manager of the
company, business
during the past six months has increased to such an extent that
the additional capital is necessary to care for the loans the company
handles
Aaron Jacoby is President of the company, and Congressman
Emanuel
Celier is its Secretary. Edward J. Block is Vice-President and
Gustave
Levinstein is Treasurer. Judge Algernon Nova is one of the
directors.
No further announcement was made as to the method of
subscribing
to the additional capital. At the time the increase was reported, it
was
said that the company planned an expansion and might possibly establish
a branch office or build new quarters.
1723
Announcement was made by the Comptroller of the Currency on Sept. 10 of the voluntary liquidation of the First
National Bank & Trust Co. of Utica, N. Y., according to the
"United States Daily" of Washington of Sept. 11. The announcement further stated, it was said, that the liquidation was effective from the close of business Sept. 8, that
Timothy J. Harrington of Utica was the liquidating agent,
and that the bank would continue its operations under a
State charter.
The following special advices from Hartford, Conn., to
the New York "Journal of Commerce" on Sept. 29, reports
proposed organization of a national bank in Greenwich,
Conn.:
Don C. Seitz and George R. Bonner, of the Central Union Trust Oo. of
New York, are petitioners with other Greenwich, Conn., residents asking
for a national bank charter for the First National Bank that it is proposed
to organize.
The Connecticut Banking Commission refused a charter for a State bank
to Mr. Seitz and others, and an appeal to the Superior Court is pending,
while another group was refused a charter for a national bank.
In celebration of the 75th anniversary of its founding,
the Indian Head National Bank of Nashua, N. R.—the oldest bank in Nashua—has issued an attractive illustrated
brochure containing an outline of the bank's activities since
its inception, together with "an account of the early struggles of a frontier town, and its successful development into
a happy, contented and industrious city." The Indian Head
Bank, as it was or'ginally called, began business on Sept. 1
1851 in what was then known as the town of Nashville, a
settlement which had formerly formed part of Nashua and
which some two years after the bank was founded was to
be reunited with it under a city charter. The Indian Head
Bank opened with a capital of $100,000 and prospered from
the' first, weathering the financial crisis of 1857 without
loss. In 1854 its capital was increased to $150,000 and it
remained at that figure until after the Civil War broke out,
when in 1862 It was deemed wise to reduce the capital to
$120000. In 1865 the institution was nationalized under
its present title without change in capital:zation. Twentysix years later (1891) the capital was again reduced, this
time to its original amount ($100,000), and at which it
now stands. As of July 19 1926 (the date of the bank's last
statement of condition) the combined surplus and undivided
profits of the Ind an Head National Bank amounted to
approximately $330,000; deposits to $3,259,053, and total
resources to $3,906,801. In March 1922 the bank's home
was destroyed by fire, following which the institution began the erection of a handsome modern bank building of
classic design. To this new building the bank moved in
April 1924. During the years many prominent men of
Nashua have been assoc'ated with the Indian Head National Bank. At present its officers are Hon. David Gregg,
President; Hon. William H. Beasom, Vice-President; Walter L. Barker, Cashier, and Everett F. Goodhue and Oscar
H. Gagon, Assistant Cashiers. Mr. Gregg has held the
Presidency since 1892 and has been a director since 1886;
while Mr. Beasom has been Vice-President Since 1892 and
a director s:nce 1887.
State Senator John W. Haigis of Greenfield, Mass., was
recently elected President of the Franklin County Trust Co.
of that place, according to the Boston "Transcript" of
Sept. 24, which said:
The many friends of Senator John W. Hales of Greenfield in official
State circles are congratulating him on his election as President of the
Franklin County Trust Co. Senator Haigis, who is a newspaper proprietor, retired from the General Court thLs year, after having served three
years in the Hluse and six years in the upper branch. During his public
career he established an enviable record and has been frequently mentioned
as a possibility for higher political honors.
A very interesting brochure has just been put out by the
Boston Five Cents Savings Bank under the caption "The
Eighteen Fifties and the Boston Five Cents Savings Bank,"
being a brief account of School Street (on which the bank
has stood during the 72 years of its existence), the Province
House, and of the institution. On Aug. 30 the Boston Five
Cents Savings Bank formally opened a handsome new banking home at 30 School Street, erected on ground of which
the bank's original site, when it opened for business on
May 1 1854, forms a part. Beginning with deposits at the
close of the first day of $1,643 23, the bank has grown during the years to an institution whose accounts are numbered in the eight hundred and ninety thousands and which
aggregate almost e:ghty millions of dollars. From its
founding the name of Evans has been closely associated
1724
THE CHRONICLE
with the Boston Five Cents Savings Bank. Through the
efforts of Alonzo H. Evans its charter was obtained and
he was Treasurer of the institution from 1854 to 1874 and
its President from 1874 to 1907, when he retired after 53
years of continuous service. He was succeeded to the
Presidency by his son, Wilmot It. Evans, who held office
from 1907 until March of the present year, when he died
after a short illness. His son, Wilmot R. Evans Jr., now
beads the institution. The brochure, which Is attractively
• printed and profusely illustrated, concludes with the following:
[voL. 123.
it started business. The trust company is under the management of Common Pleas Judge Walter D. Van Riper, who
is President; Harry M. Friend and William F. Vosseler, VicePresidents, and M. D. Hayward, Secretary-Treasurer. The
institution has a capital of $150,000 and surplus of $25,500.
It was organized the pressnt year.
A meeting of the stockholders of the El Mora State Bank
of Elizabeth, N. J., will be held on Oct. 5 to ratify a proposed
increase in the institution's capital from $50,000 to $100,000
and its surplus account from $15,000 to $40,000, according to
a special dispatch from Elizabeth on Sept. 24 to the Newark
For 72 years, midway between the Old South Meeting-house and King's
Chapel, opposite the seat of city government, on a street where education "News." The resources of the bank were given as $1,063,opened its doors to America, in the shadow of the mem :ry of the Province 204. The dispatch further stated that John J. Stamler is
Mouse, surrounded by land rich in the history of the hogintOngs of Boston,
shareholder in the El Mora State Bank,
hae .lood the Boston Five Cents Savings Bank. It takes no credit for the a director and large
ancient landmarks, but realizes the greater respo.:s.bi!itr and coo.equfnt saying in this regard: "Mr. Stamler, who is associated with
opp .rtunity lacause a the people occumulated mbiar a liberty made pas
George S. Silzer in a number of banking enterprises, recently
sible by the vision and staunchness of the men of other days.
bought control of the People's National Bank here and, with
Adrian Riker, prominent Newark banker and corporation the syndicate of which he is a member, is heavily interested
lawyer, died suddenly of aroplexy while standing in his of- in other Elizabeth and Newark banks." Arthur A. Baekey
fice in the Federal Trust Building in Newark on Sept. 27. s President of the El Mora State Bank.
Mr. Riker was born in Newark 68 years ago, ason of William
The board of directors of the Ninth Bank & Trust Co.
and Sarah Hunter Riker. He received his education at the of Philadelphia, Pa., have recommended to stockholders
Newark Academy and Princeton University, graduating from an increase of $250,000 in the capital stock of the bank, and
the latter, where he was a classmate of Woodrow Wilson, in a special meeting of stockholders will be held Nov. 30 to
1879. After leaving Princeton he entered the Columbia Law authorize it. If approved, the capital stock will be increased
School, from which he was graduated in 1881. The same from
$750,000 to $1,000,000 and stockholders of record on
year he was admitted to the New York bar and in June 1883 Dec. 1 will be entitled to subscribe for one share of the new
to the New Jersey bar. Subsequently he and his brother, stock at par, $100, for each three shares owned. Payment
the late Chandler W. Riker, established the law firm of Riker is to be
made by Dec. 30 1926, and the new stock is to be
& Riker, of which he was the senior member at the time of issued under date of Jan. 3 1927. The Ninth Bank & Trust
his death. His frequent contacts, as counsel, with impor- Co.
succeeded the Ninth National Bank and the Ninth Title
tant financial institutions led to his appointment as an of- & Trust Co. in Oct. 1923, at which time its stock was issued
ficial in several. At the time of his death he was Chairman at $320 a share. The last sale was in March 1926 at $450
•of the Board of the Merchants' & Manufacturers' National a share. The dividend rate is 16%.
Bank of Newark; President and a director of the Franklin
Savings Institution of that city, and a Vice-President and a
'Arthur W. Thompson, President of the United Gas
director of the Irvington National Bank of Irvington, N. J. Improvement Co., has been elected a director of the PhilaMr. Riker was a Republican and a member of the New Jer- delphia-Girard National Bank of Philadelphia, according
sey Assembly in 1888 and 1889.
to a dispatch from that city this week to the "Wall Street
The Hawthorne Avenue Trust Co. of Newark, N. J., has Journal."
been formed with a capital of $150000 and a surplus of
The handsome new building of classic design which the
$75,000. It will occupy temporary quaiters at 31 Clinton Manayunk National Bank of Philadelphia has had under
Street tint 1 its permanent quarters at Hawthorne Avenue construction at Main and Levering streets was opened for
Ind Clinton Place are available. The opening date set for public inspection between the hours of 9 a:. m. and 9 p. m.
the bank is Dec. 1. The officers are Leopold Jay, Presi- Sept. 27. Throughout the day and evening bankers and
dent; John F. Murray Jr., Morris •Herbst and Frank It. business men from the Manayunk district and from the
Wollenburg Jr., V:ce-Presidents: Jacob H. Meyer, Treasurer; central section of Philadelphia.thronged the banking rooms
Julius E. Flink, Secretary. and Frederick Jay, Counsel.
of the new structure. The officers of the bank, which has
• _•___
deposits of approximately $8,500,000 and total resources of
On Sept. 15 the stockholders of the Newark Trust Co. of about $11,000,000, are as follows: R. B. Wallace, Chairman
Newark, N. J., approved plars to increase the capital stock of the Board; W. A. Dryer, President; J. J. Foulkrod and
from $200,000 to $500,000. Each shareholder will be given E. J. Morris, Vice-Presidents, and L. H. Birkmire, Cashier.
the right to buy one and one-half shares of the new stock at
Election to the presidency of the Morris Plan Bank of
$250. Subscription rights will expire Sept. 29 and payments
are called for by Oct. 6. Through the issuance of the new Baltimore of James McHenry, Manager of the Credit Destock the company is also ircreasirg its surplus from $50,000 partment of the Merchants' National Bank of that city, was
to $500,000, making total capital $500,000 and surplus reported in the Baltimore "Sun" of Sept. 11. Mr. McHenry
$500,000. Reference to the plans to increase the capital will succeed J. Hambleton Ober, who has been elected
appeared in our issue of Sept. 11, page 1347;
Chairman of the board of d:rectors. Mr. Ober on relinquishing active charge of the bank's affairs will join the InvestClarence G. Appleton, President of the Guardian Trust ment banking firm of Hambleton & Co. The changes in the
Co. of New Jersey, announced that at- a meeting of the Morris Plan Bank will take place Oct. 1. Mr. McHenry has
board of directors James 0. Newbury was appointed Assist- been connected with the Merchants' National Bank for five
ant Treasurer of the institution. Mr. Newbury has been years and prior to that was with the Munson Steamship
Assistant Secretary of the Guaranty Trust Co. of New York, Line. The Morris Plan Bank, which is now a State instiwith which institution he has been connected for the past tution, had deposits as of June 30 of $978,110 and total
four years. For 21 years preceding that he was connected assets of $1,285,442, according to the "Sun."
—•___
with the Carnegie Steel Co. of Pittsburgh, leaving the
$138,292 in deposits in 534 savings account and 22 checking
position of office manager to become affiliated with the
accounts was the record of the opening day of the new BuckGuaranty.
118th St. office of the Union Trust Co., Cleveland,
eye-East
On Aug. 18 the stockholders of the Rutherford Trust Co. which opened with an all day house-warming on Saturday
of Rutherford, N. J., approved the plans to increase the Sept. 25.
capital from $100,000 to $200,000. With the issuance of the
A new building is now being erected to house the Kins•new stock the instituton will have a combined capital and
surplus of $500,000. The par value of the stock is $100 per man-Cast 140th office of the Union Trust Co., Cleveland,
share and the rights are selling for $75 per share and the which Is now at the junction of Kinsman and Unlon aveprice to stockholders of record Is $200 per share. The in- nues. The new office will be located on the southeast corner of Kinsman Avenue and East 140th Street: It will
crease will become effective as of Oct. 1.
have a frontage of 50 feet and a depth of 103 feet. The
The West Orange Trust Co. of West Orange, N. J., located building will be used exclusively for banking purposes. It
at Main Street and Llewellyn Avenue, commenced business Is expected that the building will be completed about
'
on Sept. 25. To permit an inspection of its quarters by the March 1 1927.
publiq, the institution remained open until 9 p. m. on the day
OCT. 2 192C.]
THE CHRONTCLE
The Security Savings Bank of Waukegan, Ill., whose
President, now dead, was reported to have made many
loans with no greater security than faith in human nature,
was closed for adjustment of its affairs by a State bank
examiner on Sept. 22. In its issue of Sept. 23, the Chicago
"Post" printed the following in regard to the closing of the
institution:
Accountants for the State of Illinois to-day sought to determine from
the books of the Security Savings Bank of Waukegan the business value
of a profound faith In human nature.
The doors were barred and the vaults locked while the bank examiners
delved in accounts and reports to arrive at the cost of the founder's idea
that a man's word is as good as his bond.
It was the story of Theodore Durst. former mayor of the suburb,
founder
and long head of the bank, that a citizen in good standing in the community could have no better security than his word.
Many times, Waukegan residents testified in support of statements by
bank officials, business men and householders came in search of funds
to tide them over difficulties, and departed with money secured only
by their promises to pay.
The bank prospered, it was conceded, but officials who took over Mr.
Durst's holdings when he died eight months ago, felt that while the
institution was probably solvent despite the unusual credit principle
it should
be examined.
Deposits of $3.122.758 were listed in July and it was represented
that.
with the frozen assets, stockholders were liable for $500.000 loss.
J. A.
Miller. a controlling stockholder who initiated investigation. trLid
depositors
would be paid in full and the loss borne by the stockholding group.
Preliminary study of the accounts, it was said, showed Miller to have
recently borrowed 342.000, that a business associated obtained
$21.000
on Miller's note and that he and two other men had borrowed
$.37,000
as a corporation.
The attorney said the loans were not at all unusual and that the debtors
had agreed to make good their notes. He denied that the loans
were
in any way involved in the closing of the bank and declared the move
was made only because of recent discovery that a large share of the
assets
were "frozen" in loans secured only by promises and good faith.
1725
Reports made to the Clearing House on Sept. 3 1925 and on Sept. 9
this year showed a total amount of deposits for last year of $4.123.173
05.
in comparison with this year's deposit of $5.146,036 82, thus showing an
increase of 25% over last year. Regarding the surplus and undivided profits
of the bank, the total for 1925 was $553.019 29. compared with this year's
total of S621.038 36. In round figures this is an increase this year of over
$68.000, over the past year. In addition to this amount there has been a
paid dividend of over $30,000. thus bringing the total increase up to over
$98.000 or 32 2-3% IncretseOn the capital.
The Georgia State Savings Association, which is under Joint control with.
the Liberty Bank & Trust Co.. also shows a remarkable increase in its
surplus and undivided profits for the year. This bank has deposits of
$5.750.000 to date, with surplus and undivided profits of $752.000; with
the earnings since the start of the year, amounting to a little better than
30% increase.
The combined resources of these two institUtions is slightly over
S13.000.000, showing an increase of about $1,500.000. for this year over last.
.1
Always enjoying an enviable reputation for resourcefulness and financial
prosperity, to-day's announcement of an increased dividend, places the
Liberty Bank & Trust Co. In the front ranks of the South's banking institutions.
That the Farmers & Merchants National Bank of Merced,
Cal. had failed on Sept. 20 was reported in a press dispatch
from that place which appeared in the San Francisco
"Chronicle" of Sept. 21. The dispatch in part said:
The Farmers and Merchants National Bank. a member of the Federal
Reserve system, is in the hands of national bank examiners as the result
of its failure to open for business this morning.
A placard declaring the institution in the hands of I. I. Chorpenning,
national bank examiner, was found on the doors of the institution to-day
and later it was revealed that directors of the bank had taken the action
because of "frozen assets and a depleted reserve fund."
Chorpening refused to discuss the situation, but stated that the Federal
Government would protect all depositors.
The situation may be untangled if negotiations are completed whereby
the Merchants National Bank may take over the defunct concern and
attempt to right its business. The negotiations were reported under
way to-day.
The following in regard to the affairs of the Globe National
The newly organized East Bay National Bank of Oakland,
Bank of Denver, whose failure occurred in September 1925,
is taken from the Denver "Rocky Mountain News" of Sept. Cal., began business on Aug. 26. The President of the bank
is Oscar L. Cox, until Dec. 31 1925 a second Vice-President
23:
of the National Bank of Commerce of New York and some
Former depositors of the defunct Globe National bank
will receive
checks covering their first dividend within a few days, according
to an few years ago a representative of that bank on the Pacific
announcement made yesterday by L. B. Bromfield. receiver.
The checks Coast. The directors of the bank are among the most inwill cover a 25% dividend, it was said, and will total
$944.349 83. The
fluential and wealthy citizens of Oakland. The list folComptroller of the Currency in Washington, who must sign
the checks,
received them a week ago, and it is thought that they will
be mailed back lows: Arthur W. Clarke, Vice-President Clark & Henery
late this week. Each dividend check will be accompanied
with a receiver's Construction Co.; Oscar L. Cox, President
East Bay Nacertificate showing the amount of the claim of each particular
depositor.
The certificate will show the payment of the dividend.
Depositors will be tional Bank; John Heafey, Vice-President Henfey, Moore
asked to call for their checks at the bank when they are received,
according Co., Inc.; Henry K. Jackson, President Jackson Furniture
to Mr. Bromfield.
Co.; Albert S. Levenson. Vice-President and Secretary H. C.
The disappearance of Maurice J. Rivet, an Assistant Capwell Co.; Robert W. Macdonald, attorney-at-law; A.
Cashier, and for more than 15 years a trusted employee LesFe Oliver, director California Cap. Co.; Carl S. Haut,
of the Canal Bank & Trust Co. of New Orleans, was re- President and Manager Sanitary Ice & Cold Storage Co.;
ported in the New Orleans "Times-Picayune" of Sept. 21. President Miller Ice Cream Co.; University Investments
Upon Mr. Rivet's disappearance becoming known on Co.; James S. Rogan, Vice-President East Bay National
Monday, Sept. 20, an examination of his accounts was Bank; Harrison B. Smith. capitalist; Sherwood Swan, of
made, after which the following statement (as printed in the Whitthorne & Swan, Vice-President Hale Bros. Stores, Inc.;
above-mentioned paper) was issued by James P. Butler, H. Hyer Whiting, President and General Manager Best
Steel Casting Co.; President Paelle Malleable Castings Co.
the bank's President:
M. J. Rivet, Assistant Cashier, Canal Bank & Trust Co.. failed to James S. Rogan is \gee-President and Cashier of the hank
appear at the bank last Friday morning, and has not been there since.
and J. W. O'Donnell is Assistant Cashier. Tile Institution
While it is not possible at this time to state definitely whether
or not has a capital of $1,000,000 and surplus of $250.000. Referbe was guilty of any irregularities, an examination of his
accounts indi- ence
to it was made in our issue of July 3, page 46.
cates that there may be a shortage of from $50.000 to $75.000.
Rivet, of course, Is under heavy bond and no loss can possibly
be sustained by the bank.
Rivet, it seems, asked for Friday (Sept. 17) off to fill a
golf engagement. Saturday (Sept. 18) he did not appear
at the bank. Shortly before noon Saturday his family
telephored the bank and said that they had not seen him
for two days and asked if he had left town•on bank
business.
A subsequent issue of the "Times-Picayune" (Sept.
22)
stated that formal notification of the alleged discrepanci
es
in the Assistant Cashier's accounts had been given to
J. S.
Brock, the State Bank Examiner, the previous day (Sept.
21)
by President Butler, who had said that any further action
matter
the
would be taken by that official. It was
in
also
stated in this later issue that while investigation of
Mr.
'Rivet's accounts had not been completed, Mr. Butler
had
asserted that the shortage was between $75,000 and
$80,000.
We are advised by the Liberty Bank & Trust
Co. or
Savannah, Ga., that the annual dividend rate on its
capital
stock was recently increased from 10% to 12%, the
new
dividend basis becoming effective Sept. 16. The
increase
is the result of the large amount of business being
done by
the institution. Deposits for the present year compared
with those of last year show an increase, it is stated,
of over
$1,000,000. The following with reference to the
prosperity
being enjoyed by the bank and its affiliated institution
, the
Georgia State •Savings Association, is taken from
the
Savannah "Press" of Sept. 16:
The Standard Bank of Canada (General Manager's office,
Toronto) has declared a dividend for the current quarter
ending the 31st of October 1926 at 3%, being at the rate of
12% per annum upon the paid-up capital stock of the bank,
and which is to be payable on and after the 1st of November
1926, to shareholders of record as of the 16th of October 1926.
THE CURB MARKET.
Trading in the Curb Market for the most of this week was
dull and irregular. Toward the close, however, there was an
upward movement in prices and an increase.in the volume of
business. Du Pont (E. I.) de Nemours & Co. common
continued active and advanced from 1584 to 177%, the
close to-day being at 1773. Warner Bros. Pictures common
was also an active feature, dropping from 58M to 461
/.
Brill Corp. class A, after an early decline from 323
4 to 31%,
ran up to 42. The class B stock gained four points to 17.
Ford Motor of Canada fell from 498 to 425 and sold finally
at 43E.3. Victor Talking Machine improved from 102 to 106,
reacting finally to 104. Among utility issues American Gas
& Electric common was active and dropped from 110 to 105,
recovering finally to 106%. Commonwealth Power common
3 to 41% and closed to-day at 42. Oils
declined from 43%
were dull with few price changes of importance. GalenaSignal Oil common eased off from 16%* to 133/s and closed
to-day at 14. Humble Oil & Refining weakened from 58%
to 563. and finished to-day at 573's.
•
[voL. 123.
TrrE errRoNTeLE
1726
particuA complete record of Curb Market transactions for the with substantial advances. Railroad issues were
larly prominent, Union Pacific crossing 168 for the first time
week will be found on page 0000.
on the present upturn, and practically all stocks in the soDAILY TRANSACTIONS AT THE NEW YORK corm MARKET.
called Van Sweringen group registered substantial gains.
BONDS (Par Value).
STOCKS(No. Shares).
Colorado Fuel & Iron was bid up 2 points and Woolworth
/Wining. Domestic. For'n Govt. was up 4 points at its high for the day. General Motors
Oil.
Week ending Oct. 1.
Ind.c2Mis.
18.350 . 41.910 8684.000 $145,000 made a net gain of 8 points and closed at 1694. The final
92.9114
Saturday
191.000
42.030 1,367 000
75.725
14(1.618
Monday
202.000 tone was good.
103.900 1.485.000
65.565
125.676
Tuesday
opn
1.849
184.000
75.240
40.620
159.507
Wednesday
TRANSACTIONS AT THE NEW YORK STOCK DXCHANGE
215.000
36.810 1.666 000
36,865
165.039
Thursday
Friday
Total
211.078
78.390
900.912
350.135
35.110 1.695.000
244 000
DAILY. WEEKLY AND YEARLY.
300.380 $8.766.000 $1.181,000
Week ending Oct. I.
•
Morse,
Shares.
Railroad
&c.
Bonds.
State.
Municipal 4
Foreign Bds
United
States
Bonds.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
$177.000
$1.1.17 000
82,242,500
894.562
Saturday
712.000
1.892.000
4,591.500
1.370.192
The stock market was somewhat confused and irregular Monday
975.800
2,235 000
6.560 000
1,353 033
Tuesday
859.000
1,934 000
6,096 000
1.426.010
during the first half of the present week and advances and Wednesday
683.500
2,265.000
5.837 500
1,406.418
declines frequently occurred simultaneously in various parts Thursday
540.000
1.371,000
4,928.000
1,981,400
Friday
of the list, though there were few, if any, significant changes
6Q47.500
8.431.615 sln 255 500 6,0 614 nrm
Tntal
affecting the mere active leaders. On Thursday and again
Jan. Ito Oct. 1.
Week ending Oct. 1.
Sales at
on Friday the market displayed decided improvement and
New York Stock
192'1.
19211.
192
1923.
Igrchange.
new high levels were recorded by many of the leading specucommon
305.078,223
assumed
the
Steel
340.200,32
10.095.460
States
ii
8,431.6
stocks.
United
lative
Stocks-No. shares.Bonds
leadership during the first hour of the short session on Government
$276,037,260
$201,112.001
$3,947,300 $5,939.950
bonds_ ..
532,571,500
488.089,950
10.814 000 15.628 000
& foreign bonds_
Saturday and gradually worked upward to 150%, followed State
Railroad & misc. bonds 30.255.500 39.990 000 1.510.588,200 2,395,833,775
steadily
advanced
to
1603
4.
by General Motors, which
204.442.535
845.016.800 $61,557,950 S2.199,790,150
Total bonds
Later in the day all the stocks that had been active and strong
AND
BOSTON.
PHILADELPHIA
THE
AT
TRANSACTIONS
DAILY
in the early trading lost part or all of their gains. Railroad
BALTIMORE EXCHANGES.
stocks continued strong in the early trading, Norfolk & WestBaltimore.
Philadelphia,
Boston.
ern moving upward 4 points to a new high and Chesapeake &
Week ending
BondSales.
Shares.
Bond
Shares,
Sales,
BondSales
Shares.
I
Oct.
substantial
19241.
though
advances,
scored
Plate
Ohio and N ckel
$3,500
976
$12,600
8,041
$22,800
17.799
both yielded a point or more in the final hour. Heavy buy- Saturday
8,900
2.127
16.113
23.800
22,000
23,796
Monday
30.000
2,649
36,400
ing in Du Pont carried that issue forward 5 points to a new Tuesday
34.959
18.000
23.107
6,900
1.577
41,000
24.793
6.050
21.711
Wednesday
IPon
Pipe
Cast
&
States
Foundry Thursday
high at 320, and United
18.000
1.061
22.400
18.417
9.000
24,336
17.000
907
15.731
23.000
6.000
19.298
made a net gain of 2 points. The outstanding feature of the Friday
$84,300
9,297
market on Monday was the strength of the so-called Van
$83,850 118.054 2159.200
130,047
Total
Sweringen stocks, particulary Chesapeake & Ohio, which Prey, week revised 109.821 $104.500 86.471 $117.800 6,183 $96.80
made a new high for the present movement,and Rock Island,
which also reached a new peak for the' present year. Erie
COURSE OF BANK CLEARINGS.
stooks were in sharp demand at advancing prices and New
Bank clearings the present week will show a decrease
Haven moved up more than a point. Railway equipment
stocks moved up to the front, Baldwin Locomotive bounding compared with a year ago. Preliminary figures compiled
forward nearly 5 points, American Brake Shoe advancing by us, based upon telegraphic advices from the chief cities
ending to-day
234 points to 1423r and American Locomotive moving for- of the country, indicate that for the week
cities of the
the
all
for
exchanges
bank
2),
Oct.
(Saturday,
ward 134 points. Specialties also were in sharp demand,
to obtain weekly
Texas Gulf Sulphur making a new high for the present move- United States from which-it .is possible
in the corresponding week
ment, followed by Allied Chemical, which rose more than a returns will be 11.1% smaller than
$9,902,609,755, against
at
stands
total
The
year.
last
point. In the late trading American Smelting moved up
same week in 1925. At this centre
the
for
$11,132,453,009
By-Products
and
138
crossed
and
points
Coke
ended
2
about
five days of 14.6%. Our comparathe day with a gain of 6 points. General Motors was promi- there is a loss for the
is as follows:
week
the
nent in the trading and closed 134 points up and Du Pont tive summary for
gain
a
6
of
with
points
high
to
326.
new
a
established
Per
Clearings-Returns by Telegraph.
Cent.
1925.
1928.
Irregularity marked the course of the stock market on
Week Ended October z.
$4,606.000.000 85,390,448,950 -14.6
Tuesday, and, aside from a dozen or more of the industrial, New York
634,386.094 -16.5
529,963,517
public utility and railroad stocks, the general trend of the Chicago
508.000,000 -11.2
451.000.000
Philadelphia
-9.1
394.000.000
358.000.000
market was toward lower levels. Railroad stocks were Boston
140.000.000 -16.0
117,667.337
Kansas City
-19.0
145.000.000
Line
Coast
moving
Atlantic
up
117,500.000
a
point
higher,
somewhat
St. Louis
-4.9
162,518,000
154.808.000
Francisco
+8.4
132.357,000
141.057.000
or more, followed by Colorado Southern common, which San
Los Angeles
+1.6
156.349.104
158,837,738
Pittsburgh
it
81.
when
reached
General
time
all
in
Motors
top
new
hit a
-2.2
145.612.838
142,416.697
Detroit
-6.3
104,575.566
*98.000.000
the
day
ended
Pont
with
a net gain Cleveland
again crossed 160 and Du
103.606.015 -14.4
88.714,693
Baltimore
-2.4
72,980.111
71.211.953
of nearly 10 points. Price movements were again confused New Orleans
into
the
moving
stocks
foreground
copper
on Wednesday,
87.034.976,933 88.089.833,678 -13.0
Thirteen cities, 5 days
1,194.082.240 -12.0
1.050.531.200
led by American Smelting with an advance of over two p ts Other cities, 5 days
$8.085.508,133 89,283.915,918 -12.9
Total all cities, 5 days
though it yielded one point in the final hour. Railroad
-1.7
1.848.537.091
1,817.101.622
stocks were moderately strong, Rock Island and St. Louis & All cities, 1 day
IQ 002 4509.755 Ill PO AAR nno -11 1
San Francisco making substantial gains. The weak stocks
*Estimated.
were Atlantic Coast Line, Texas Gulf Sulphur, Atlantic
Complete and exact details for the week covered, by the
Gulf & West Indies, Baldwin Locomotive, American Radiwill appear in our issue of next week. We cannot
foregoing
market
displayed
The
Motors.
General
increasing
and
ator
to-day, inasmuch as the week ends to-day
them
furnish
the
though
tEat
irregularity
characstrength on Thursday,
terized the trading throughout the week was again apparent, (Saturday), and the Saturday figures will not be available
Accordingly, in the above the last day
but to a lesser extent than on the preceding days. The out- until noon to-day.
•
standing feature in the railroad stocks was the strength of of the week has in all cases had to be estimated.
detailed statement, however, which we
elaborate
the
In
to
forward
briskly
its
highest
moved
which
Pacific,
Union
level in 13 years at 166. Baltimore & Ohio was active in present further below, we are able to give final and complete
the early trading at 10634 on the increase in the dividend r3sults for the previous week-the week ended Sept. 25. For
rate. The interesting features of the day also included the that week there is a decrease of 2.3% although our prelimispectacular rise of Commercial Solvents B, 8% poi ts to nary figures last week showed a small increase, the 1926
20234, and Radio Corporation, which closed the day with a aggregate of clearings being $8,952,054,155 and the 1925
net gain of 334 points. The market was again active and aggregate $9,162,180,943. Outside of New York City the
strong on Friday, General Motors, copper stocks, United decrease is 2.6%, the bank exchanges at this centre having
States Steel common and railroad issues standing out con- shown a loss of 2.0%. We group the cities now according
spicuously in the day's transactions. Copper stocks moved to the ,Federal Reserve districts in which they are located,
vigorously forward during the greater part of the session, and from this it appears that in the Boston Reserve District
Kennecott crossing 60 and making a new high for the year, the totals are larger by 8.2%, but in the New York Reserve
followed by Ray Consolidated and Nevada Consolidated District (including this city) there is a loss of.1.8% and in the
Om 2 1926.]
THE CHRONTGLE
Philadelphia Reserve District of 4.3%. The Richmond
Reserve District falls behind 9.6%, the Atlanta Reserve
District 25.6% and the Chicago Reserve District 3.5%.
In the Cleveland Reserve District there is a gain of 4.3%,
in the Karsas City Reserve District of 4.6% and in the
Dallas Reserve District of 0.5%. The St. Louis Reserve
District has a decrease of 4.0%, the Minneapolis Reserve
District of 13.2% and the San Francisco Reserve District
of O.6%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Inc or
Dec.
•
Week Ended Sept.25 1926.
1926,
Federal Reserve Discs.
1st Boston.. _ _1 cities
2nd New York .11 "
3rd Philadelphia 0 "
4th Cleveland.- 8 "
5th Richmond - 6 "
6th Atlanta. ___13 "
7th Chicago _ _ _20 "
8th St. Louis._ 8 "
9th Minneapolis 7 "
10th Kansas City12 "
Ilth Dallas
5 "
12th San Fran_ _17 "
$
480,168,410
4,914.132.761
565,536,383
403,840,835
185,536,171
215,923,673
908,963,466
224.963,659
110.016,835
260,294,585
96,624.360
535,051,217
$
443.677,192
5,034.776.187
591,073,602
387,198,538
205,080,669
290,008,790
942,017,765
234,296,6E8
149,860,889
248,741.409
96,166,967
539,252,246
%
+8.2
-1.8
-4.3
+4.3
-9.6
-25.6
-3.5
-4.0
-13.2
+4.6
+05
-0.6
$
420,031,620
4,619,657,528
512,391,571
343,788,453
174,309.015
192,256,820
836,718,557
192,484,310
145,205.655
237,868,550
81.102.198
431.552,423
$
363,922,704
3,789,869,738
481,583.441
360,590,809
174,169.723
176,350,788
783,534.238
60,920.591
125.109,948
239,776.145
71,083.901
472,101,993
Total
129 citleit
Outside N. Y. City
8,952,051,155
4,126,852,409
9,162,180,943
4,238,275,492
-2.3
-2.6
8,189,380,011
3,667.042.069
7.099,041,011
3,414,511.908
I3R.91r7.901 +6.1
339.673.993
305.256.73
Canada
29 cities
1925.
334.599_170
1924.
1923.
We now add•our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending September 25.
Clearings at
1926.
1925.
Inc. or
Dec.
1924.
1923.
First Federal Reserve Dist rict-Bosto'1Maine-Bangor._
709.470
592,695 +19.7
729,309
620.951
Portland
3,298,303
3.285.803 +0.4
3.353.840
3.686.768
Mass.-Boston.. 431.000 000 397 000 POO
+8.6 376.000 000 321 000.000
Fall River
1,883,328
2.071,184 -9.1
1,658,774
2.204.945
Holyoke
a
a
a
a
a
Lowell
955.214
869,122 +9.9
949,728
1.211.321
Lynn
a
a
a
a
a
New Bedford
1,078.511
1,167.304 -7.7
1.238.658
1.294,698
Springfield
5,166.510
5.366.912 -3.7
5.002,517
4,614,286
Worcester
2.986,195
3.224.826 -7.4
3.328,978
3.082,000
Conn.-Hartford.
12.582.286
10.858.341
12.108.840 +3 9
9.026.524
New Haven...
6.471.300
6.087,187 +6.3
5,994.616
5,715.018
R.I.-Providence
13,565,000
11,269,900 +20.4
10,383.800
10.915.000
N.11.-Manchesfr
472.293
633,419 -25.4
533.059
558.193
Total(12 cities) 480.168.410 443.677.192
+8.2 420.031.620 363.929,704
Second Feder al Reserve D istrict-New York
N. Y.-Albany__
5,744 325
4,924.252 +16.6- 5,179.439
4.779,280
Binghamton...
964.827
816.200 +18.2
794,000
877,900
Buffalo
63.205.184
52.943.421
43,128.718
•
+0.5
43,411,159
Elmira
882.794
920,743 -4.2
677,010
684,170
Jamestown
c1.424.310
1,369.474 +4.0
1,083.940
989.145
New York__ 4,825.201,746 4,923.905.451 -2.0 4,522.337,942
3.684.529.112
Rochester
12,113.655
10.055.450
10.169,109 +19.1
8,802.715
Syracuse
4,874,576
4.112.324
5.347.269 -8.9
4.688,147
Conn.-Stamford
3,912,730
2,915,447
4.106,153 -4.7
3,047,811
Northern N. J.
35,034.483
28.730.154
29.741.651 +18 0
37,562.512
N. J.-Montclair
714.131
532,464 +34.1
643.104
517.787
Total(11 cities) 4,944,132.761 5.034.776,187 -1.8 4.619,657.528
3.789.889,738
Third Federal Reserve Dist 'Act-Philad elphla
Pa.-Altoona _
1,634.257
1,658.398 -1.5
Bethlehem....5.307 0
,
5.280.111
8
+04
Chester
1,222,850
1,486.839 -17.8
Lancaster
1.877.961
2.434.482 -22.9
Philadelphia_ _ 534.000 000 560 000 000 -4 7
Reading
3.799.612
3,487,310 +8.9
Scranton
5,929,610
5,414.061
+9.5
Wilkes-Barre
d4,486,614
4,123,415 +8.8
York
1.714.587
1.735.927 -1.2
N.J.-Trenton
5,563,794
5,453,059 +2.0
Del.-WIlming'n.
a
a
a
Total(10 cities)
565.536.383
591.073,602
-4.3
1,541,171
4.132.933
1,286.882
2,540.843
485.000 000
2.756.273
5,633,578
3,262.684
1.732.528
4,507.679
a
1.614,439
5.605.333
1,556.668
2.917.463
453.000.000
2.993.184
5,415.672
3,191.091
1,386,937
3,902.654
a
512,394.571
481.583.441
Fourth Feder al Reserve I) Istrict-Clev eland
Ohio-Akron....
d6.036,000
7.103.000 -15.0
anton
3,293,745
2,004.647 +64 3
Cincinnati....
72,039.601
71.029,336
+1.4
Cleveland
113.403,166 114,076,633 -0.6
Columbus
14,928,100
13,106,200 +13.9
Dayton
a
a
a
Lima
a
a
a
Mansfield
d2,834,375
2,075.421 +36.6
Springfield
a
a
a
Toledo
a
a
a
Youngstown___
4.557,163
5.264,976 -13.5
Pa.-Pittaburgh
186.748,485 172.538,325 +8.2
Total(8 cities). 403,840.635 387,198,538 +4.3
8,758.000
4,197.774
59,859,757
97.686.278
12,644.400
a
a
1,749,658
a
a
3.905,522
154.987.064
7.299.000
4.253.432
61.045,752
101,385,778
11,549,300
a
a
2,028,235
a
a
4.382.626
168.646,686
343,788.453
360,590,809
Fifth Federal Reserve Dist rict-Mehra ondW.Va.-11unt'g'a
1,323,534
1,285,602 +2.9
Va.-Norfolk
d8,160,723
7.854.423 +3.9
Richmond
49.532,368
63.533.000 -22.0
S.C.-Charleston
d3.247.919
2,883.832 +12.6
Md.-Baltimore.
99.118.308 105,203.246 -5.6
D.C.-Washing'n
24,155,319
24.320.566 -0.7
1.445,211
6,344,103
53.640.000
2.753,049
88,711.652
21.415.000
1.839.352
7.353.998
52.225,000
2.493,313
90,210,252
20,047,808
-9.6
174,309,015
174.169.723
Sixth Federal Reserve Dist !Act-A tient a-Tenn.
-Chatt'ila •
d8,220,290
8.493,310 --3.2
Knoxville
2.923,883
2.892.3 i 4
A-1.1
Nashville
20,777,293
21.546.942 --3.6
Oa.-A tianta
57.891,319
85,611.094 --32.4
Augusta
3,246.692
2,621,587 +23.8
Macon
1,990.594
2,300,853 --13.6
Savannah
a
a
a
22,013,161
32.070.618 --31.4
Miami
775,666
26.979.461 --97 1
26,578,269
28,486.668 --6.8
Mobile
*1,700,0®
2.055 018 --17 3
Miss.-Jackson__
1,928,630
1,977,986 --2.5
Vicksburg
467,945
732.373 --36.1
La.-NewOrleans
67,409,931
74,240.566 --9.2
6,197.080
3.204.645
18.497.577
54.390.095
2,063,856
1,696.493
a
12,927,271
2.843.834
25,969.460
1,850.858
1,571.000
380.651
60.674,000
5.851,252
2.656 850
19,328,219
53.666,661
2,936,523
1.521.670
a
10.167.451
Total(6 citiee).
Total(13 cities)
185,538,171
215,923.673
205.080.669
290.008,790 -25.6
192.266.820
25,070.963
1.670,653
1,406,917
335.951
51.737.678
176,350,788
1727
Week Ending September 25.
Clearinge
1926.
1925..
Inc. or
Dec.
1924.
$
$
Seventh Feder al Reserve D istrict-Ch icago
Mich.-Adrian __
191.472
237,481
194.779 +21.9
Ann Arbor....1,077,845
1.090.471
1,222,158 +11.8
Detroit
186,738.222 182,074.283 +2.5 155.706.700
Grand Rapids _
6.444.479
8.713.277 -6.3
8.155.940
Lansing
2,137,324
2,651,114
6,539.691 -59.5
Ind.-Ft. Wayne
1.948.042
2.509,419 +2.4
2.570.958
Indianapolls
17,570.000
21,878.000
16.172.000 +35.2
South Bend
1.997.000
2.433.500 +16.6
2,838.300
Terre Haute
5.302.904
4789.737
5.425:3)1 -11 7
Wis.-Milwaukee
33.411,242
37.551,298 +0.9
37,910.380
/8.-Ced. Rapids
2.406.581
2.553,143 -1.7
2,511.260
Des Moines
9.622.000
9 905)1345
10.054 804 -14 3,
Sioux CIty
6,246.235
5,870,562
6.139.078 -4.4
Waterloo
1.205.929
1.552.46
1.389.208 -13.2
Ill.-Bloomington
1,459.508
1.336,462
1.492.247 -2.2
Chicago
.608,008.389 646.410,125 -6.0 581.437.374
Danville
a
a
a
a
Decatur
1,245,235
1,333.903
1.474.605 -15.5
Peoria
4,997,396
4.272.986
4.871.867 +2.6
Rockford
2,82 ,.396
2,152.721
2.462.075 +14 5
Springfield....
2,374,814
2,274,604
2,364.814
+0.4
Total (20 cities)
908,963,466
1923.
200.830
857.012
130,158.694
6,239.239
2.208.938
2.168,575
18,101,000
1,962,000
6.082.649
33.197,365
2.369.664
9.987.416
5,890.277
1.549,028
1.334.000
550.997,341
a
1,316,223
4,236.458
2.313.498
2,364,031
-3.5
838,718,857
783,534.238
Eighth Federa I Reserve Die trict-e-St. Lo ulsInd.-Evansville.
5,027.004
5.453.749 -7.8
Mo.-St. Louis
143,800.000 141.200,000 +1.8
Ky.-Louisville..
31.093.465
30.012,104 +36
Owensboro_ . _
270 452 -306
2 0.000
Tenn .-Memphis
25.861,035
34.866.308 -25.8
Ark.-Little Rock
17,100.854
20.798,458 -17.8
111.-Jacksonville.
343.610
388.753 -11 6
Quincy
1.487,691
1.297.864 +14.6
4.246.599
125.300.000
31.511.132
313.150
17,102.639
12,378.185
345.117
1.287.479
26,496.655
337.751
17.172,749
10,419,750
367,515
1.243.396
192.484.310
60,920,591
14.474,476
94.1.9 250
29,164.417
1,555.810
1.554.959
600,341
3,162.397
10.749,435
74.997.000
32.497.600
2.016.679
1,287,551
578.456
2,983.225
Total (7 cities) - 130,016.835 149.860 889 -13 2 145.205.656
Tenth Federal Reserve Die triet-Kane as CityNeb.-Fremont..
347.327
494.552 -35.2
320,760
Hastings
464,120
538.363
494.855 -6.2
Lincoln
3,360,132
4.195.371
3.999.988 +4.9
Omaha
41.610.262
40.872.444
41.468.745 +0.3
Kan.-Topeka...
3.065.543
2.765.154 +10.8
2.808.085
Wichita
d8,089,774
6.840.698
7.135.785 +13.4
Mo.-Kans. City 140.333.466 134,065.729 + .7 129.355.551
St. Joseph....
6.272.996
d6.558.009
6.644.5921 -1.3
Okla.-Okla.CitY
29,550.425 +17.0
34,587.519
25.602.479
Tulsa
a
a
a
a
Colo.-Col. Spgs.
1,264,303
1.074.780 +17.6
1.016.54
Denver
18.665.602
19.874.950 -6 1
20.057.332
Pueblo
1,171.854 -2.7
1,139,856
796.608
125.109,946
942,047.766
Total (8 cities)
224.963,659 234,296 688 -40
Ninth Federal Reserve Dis trict-Minn eapolis
d9.868.084
13,909.725 --29.1
Minnea nulls. _
84.055.13
99.132.151 -.52
St. Paul
28,998.827
29,245,104 --0.9
N. D.-Fargo.
1.726,835
1,601.640 Al- 15.0
S.D.-Aberdeen.
1,240,851
1,594,206 --22.2
Mont -Billings.
674,178
760.664 -11.4
Helena
3,452,929
3.717,369 --7.1
Total (12 cities) 260.294,585 248.741.409
+4.6
Eleventh Fede cal Reserve District-Da Has2,024.204
2,i01.530 -3.6
Dallas
58.011.634
59.736 700 -2 9
Fort Worth... d14,986,433
14,478.066
+3.5
Galveston
12.773.700 +15.8
14,792.000
Houston
a
a
a
LA.-Shreveport_
6.810.089
7,078.881 -3.8
4,882,775
320,171
411.147
*3.000.000
35.476,774
2.393.959
6,851.081
127,120,469
6,709.281
19.930,625
a
991,738
35.883.000
$87,900
237,868,560
239.776,145
2,304.823
49.121 051
13,517.140
11.103.930
a
5.055.244
1.935,248
34.170,121
14.214,690
15.759.254
a
5.003.978
Total (5 cities)
96,624.360
96.166.967
Twelfth Feder al Reserve D lstrict-San
Wash.-Seattle
46.218.184
74.252.242
Spokane
12.654.000
12,470.000
Tacoma
a
a
Yakima
1,495.753
1,735.829
Ore -Portland..
42.777.077
37,394.391
Utah-S.L.City.
19,727,416
18,845,565
Nev.-Reno
a
a
Ariz.-Phoenix
a
a
Calif.-Fresno
5.448.229
5.213,892
Long Beach...
6.478.887
6.248.107
Los Angeles... 166.260,000 153,486,000
Oakland
19,291.402
19.164.269
Pasadena
5.686.296
4,931.391
Sacramento.
8.814.163
8.572.863
San Diego
5.182.762
4,599.069
San Francisco. 186,395.000 182,891.527
San Jose
3.289,576
3.084.040
Santa Barbara_
1,204.006
1,333.790
Santa Monica.
1.921 571
2,234.766
Stockton
3,099.700
2,893,700
71.083,901
+0.5
81.102.198
Franci SCO38,714.522
-37.8
38.582,403
12.278,000
+1.5
11.600.000
a
a
1.559,378
1.469.165
-13.8
39.681,556
+14.4
37,050.853
+4.7
15.881.012
14,970.261
a
a
a
a
a
a
4.534,371
+4.5
4.850.019
+3.7
8.320.538
5.871.235
+8.3 123.782.000 147.376,000
+0.7
15,484,503
15.638.006
+15.3
4.606.744
4.416.826
8.625.136
7,718.003
+2.8
+12.6
3.027,215
3.189.851
+1.9 153.300.000 166.700.000
2.544.270' 2.420.558
+6.7
-9.7
912,811
1,023.386
1.656 1 14
+158
-6.7
3.067,700
2.792,900
Total(17 cities) 536.051.217 539,252.246
Grand total (129
citle6
8 952.054,155 9.162,180.943
-2.3 8.189.380.0 I 1 7.099,041,017
Outside N. Y____ 4326.852,409 4,238 27.5.4112
_3.6 3.667 012 Woo 3 414 511.905
431.552.423
472.101.993
Week Ending September 21.
Clearings at1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hatnilton
Calgary
St. John
Victoria
London
Edmonton
R gins
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat...
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert-Moncton
Kingston
-0.6
$
99.710.786
99.298.958
51,479.799
17,761.283
6,037.205
5,390.451
2,614.739
5,978,025
5.181.819
2,619.158
7.979,126
2.654.647
4,650.063
5.301.206
622.009
463,173
2,107:339
1.343.9213
995,461
1,049,593
766,127
313.186
722,578
842,643
981.185
4,980,211
388,922
809.919
1,555.633
1925.
Inc. or
Dec.
3
%
87,580,133 +13.8
90.366.140 +9.9
65,472.853 -21.4
17,379.349 +2.3
5,662.798 +6.6
5,223.235 +3.2
3,923.024 -33.3
4,976.261 +20.1
4.893.465 +5.9
2.453.435 +6.7
2,048.680 +289.5
2,614,481
+1.5
4.371,198 +6.4
6,177.671 -14.2
649.391 -4.3
524.270 +8.8
1,794.049 +17 5
1,207.581 +11.3
957.630 +3.9
1,073.419 -2.2
733.048 +4.5
334.588 -6.4
699.555 +3 3
875.018 -3.7
927.445
+5.8
3,493,193 +42.6
275,260 +41.3
770,997 +5.0
749.734
+7,6
1924.
$
99.257.096
136.697.724
40,050.492
14.252.632
5.331.582
5.068.594
2.397.205
4,586.862
5.054.124
2.168.038
1,835,015
2.491.791
3.601.042
3,249,844
606.951
453.349
1.423.887
1,053,513
924.024
1,148.911
629,833
298,283
747.018
650.564
961.198
2,740.710
259.710
1.046.025
687.979
1923.
$
92.448.360
95,441.394
48.594,938
14.663,779
5.503.900
6.463.866
2,460.991
5.710,941
4.674.576
2,713.388
1.835.853
2.531.328
3,974,934
3,730.922
658,559
710,534
1,892,903
1,146,603
952,304
1.027,054
555,953
359.468
762.416
753,923
834.886
2.813.126
364.734
1,086.673
598.416
Total (29 eltier) 334,599.170 318.207,901
+5 1 339.673,996 305,266,720
a No longer report clearings. b Do not respond to requests for figures. c Week
elided Sept.,22. d Week ended Sept. 23. e Week ended Sept. 24. *Estimated.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from
the
weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 15 1926:
GOLD.
The Bank of England gold reserve against notes on the 8th instamounted
to £153936920. as compared with £154,075.550 on the previous Wednesday. About £325.000 bar gold arrived from South Africa this week. Of
this about £250,000 was secured by the Continent and the trade, and the
remainder was acquired for a destination unstated. The Bank of England
has announced the following gold movements since our last issue:
Sept. 9. Sept. 10. Sept. 11. Sept. 13. Sept. 14. Sept. 15.
Received
Withdrawn
[Vol,. 123.
THE CHRONICLE
1728
£7.000
£6.000
£400,000
7,000
d 2731
27
27
26 7-16
2611
2631
s 84.11% 84.1134 84.1134 84.1134 84.1134 84.931
Gold, per fine ounce
5434
5434
5434
5434
543.
Consols. 234 per cents
10134
10134
10134
10134
10134
5
British, per cents
95
95
9434
95
95
British. 4% per cents
48.30
48 40
48.35
48.40
48.95
French Rentes (in Paris).Jr.
52.85
52.75
53.65
52.95 52.95
French War Loan(in Par Is)fr
The price of silver in New York on the same days has been:
Silver In N. Y., per oz. (cts.):
5634
5731
5731
5831
as%
5934
Foreign
gontutercial uncUttscetianconsgems
10,000
The receipt on the 13th inst. was in the form of sovereigns from South
Africa, and all withdrawals were bar gold. During the week under review
£370,000 on balance has been received by the Bank, increasing the net
Influx since Jan. 1 1926 to E10,943,000 and reducing the net efflux since
the resumption of an effective gold standard to £652,000.
United Kingdom imports and exports of gold during the month of August
last were as follows:
Imports.
Silver, per on
Fri.
Oct. I.
Tues. • Wed. Thurs.
Mon.
Sat.
Sept. 25. Sept. 27. Sept. 28. Sept. 29. Sept. 30.
London.
Week Ended Oct. 1.
Pittsburgh Stock Exchange.-Reeord of transactions
at Pittsburgh Stock Exchange Sept. 25 to Oct. 1, both
inclusive, compiled from officials sales 1..sts:
Sales
Friday
rnr
Range Since Jan. 1.
Ixs, lies 's Range
Week.
al Frit es
So e
High.
Low.
Par. Frit e. Low. high. Shwas.
Stocks-
Exports.
Jan
141
5834 Sept 80
5834 6134
Am Wind Cl Mach com .100
£27,000
8% Sept
Feb
5
734 8.305
73-1
7%
Arkansas Nat Gas com _100
- 3.250 -£27,000 Auto Finance, corn
Apr
July 25
20 15
15
15
•
Sept
Mar 80
287 45
342 Blaw-Knox Co
25 7534 74% 76
Aug
Apr 105
165 98
105 105
255,729 Byers (A. M.) Co pref_100 105
Prance
Feb
21
Sept
12
1.829
15
12
_10
__
1434
Co_
Metals
523,717 Carnegie
Switzerland
605
2
134 Aug
23.4 Feb
2
Consolidated Ice, com_ _50
Jan
200 1234 Apr 17
16
16
145,605 Devonian 011
10
Spain and Canaries
Mar 11534 Aug
10 112
115 115
13,610 Duquesne Light 7% Pt 100
Egypt
6
r
Feb
10
3,265
5% Apr
634
6
Gas
Gulf
Houston
300
97,251
West Africa
Feb
8
45
64 731
534 Feb
7
Independent Brew pref__50
-- 550 Lone Star Gas
Apr 5634 Jan
4,353 30
Java and other Dutch Possessions in the Indian Seas_
25 4134 40% 4134
Sept 1834 Feb
8
300
8
8
2,140
Nat Fireproofing com_ _100
Central America and West Indies
Feb
Sept 39
660 26
29
100 2834 27
Preferred
10,000
Argentina, Uruguay and Paraguay
Apr 43% July
1.309 33
25 4334 4234 43%
Fuel Corp
11,000 Ohio
435
Other countries in South America
Certificates of deposit.. 4334 4234 43% 1,484 4134 Sept 433-4 Sept
Jan
100 2734 July 34
28% 2834
183.101
25 ___.__
Rhodesia
Oklahoma Nat Gas
1934 2034 4,118 1934 Sept 2014 Sept
2034
Certificates of deposit_ __
3,561,655
Transvaal
Jan
8
Jan
3
360
434
434
50
434
_
coin
Pittsburgh
Brewing
69.900
British India
Apr 83% Jan
46 71
71
71
Pittsburgh Coal pref. __100
Jan
119.870 Pittsburgh Oil & Gas_ _ .5
6
334 Aug
20
Straits Settlements
334 335
3%
Aug
52 270 June 310
285 288
Germany67407 Pittsb Plate Glass com_100 285
Jan
36
20 2834 Sept
.
2834 29
Plttsb Steel Fdry corn. •
567155
Austria
Feb
Apr 10
8
585
831
8
Salt Creek Consol 011 _10
20.000 San
Ceylon
5e July
Jan
3c
Sc 1.000
50
Toy Mining.
1
Sept 118% Jan
113 98
2.385 - 8,372 Stand Sanitary Mfg com 25
983.4 9834
Other countries
834 July 2334 Sept
305
1834 19
10 19
Tidal Osage Oil
50 1534 Sept 1934 Jan
£3,877.217 £1,840.503 U S Glass Co
1534 15%
Total
25
150 4034 Aug 4434 Sept
4434
4434
•
Waverly
A
class
011
to
The Transvaal gold output for the month of August last amounted
Sept
Mar 139
100 116
137% 13734
West'house Air Brake. .50
July
Jun 95
95
38 90*
843.854 fine ounces. as compared with 860.134 fine ounces for July 1926 West Pa Ry pref
95
100 95
and 808.218 fine ounces for August 1925.
•
value.
par
No
According to the "Times" of to-day it is announced that, in conformity
St. Louis Stock Exchange.-Reeord of transactions
with the law recently passed, the Banque de France will shortly issue a
notice to the public that it is prepared to purchase French or foreign gold at St. Louis Stock Exchange Sept. 25 to 'Oct. 1, both
coin at a price which will be indicated and which will be very near the inclusive, compiled from official sa es lists:
current rate of exchange. It is estimated that there are gold coins to the
Sales
Friday
value of £75,000,000 hoarded in France.
Range Sinue Jan. 1.
tor
Last Week's Range
United Kingdom imports and exports of gold during the week ending
Week.
ofPrices.
Sale
Low.
High.
Par. Price. Low. High. Shares.
Stocksthe 8th Inst. were:
Russia
Netherlands
Belgium
Exports-
Imports-
Belgian Congo
British South Africa
Total
£37,860 British India
688,627 Straits Settlements
Ceylon
Other countries
£54,350
5.000
548
32.000
BankFirst National Bank_ _100
Lafayette-So Side Bk. 100
Nat'l Bank of Com____100 166
251
290
166
251
290
168
5 228
10 250
69 155
Total
£91,898
Trust CompanySt Louis Union Trust-100
325
325
1 316
£726,487
SILVER.
During the week prices were at first disposed to rally. On the 11th
28 7-16d. and 28 9-16d. were recorded for cash and two months' delivery,
respectively, but the heavy tone of the market again reasserted itself and
prices crumbled away. Events in China at present do not seem to exert
much influence upon quotations. The Indian bazaars still decline to make
fresh purchases, though a certain amount of bear covering has taken place
American operators are more disposed to meet the market. China'Is
worked both ways.
United Kingdom imports and exports of silver during the week ending
the 8th inst. were:
Exports-
Imports-
United States of America__ £54,876 Germany
2.082 Egypt
British West Africa
1,094 British India
Other countries
Straits Settlements
Other countries
Total
£58,052
Total
£39,090
6,010
136,000
22.920
3,895
£207,915
INDIAN CURRENCY RETURNS.
Aug.22. Aug.31. Sept. 7.
(In lacs of rupees.)
19983 20053 20109
Notes in circulation
9913
9984-1003
.9
Silver coin and bullion in India
_
Silver coin and bullion out of India
2232 ' 2232
2232
Gold coin and bullion in India
Gold coin and bullion out of India
5738
iiii
5778
Securities (Indian.Government)
2100
2099
2100
Securities (British Government)
No silver coinage was reported during the week ending the 7th inst.
The stock in Shanghai on the 11th inst. consisted of about 68,100,000
ounces in sycee. 62,500,000 dollars and 6.200 silver bars, as compared
with about 72,400,000 ounces in sycee, 63.200,000 dollars and 9,800 silver
bars on the 4th inst.
Quotations during the week:
Bar Gold,
-Bar Silver, Per Oz. Std.2 Mos.
Per Oz. Fine.
Cash.
28 9-16d.
844. 1134d.
2831d.
Sept. 9
2834(1.
84s. 1134(1.
2814(1.
Sept. 10
28 9-16d.
81s. 1134d.
287-16d.
Sept. 11
28 7-16(1.
84s. 1134d.
285-16d.
Sept. 13
287-16d.
84s. Lld.
285-16d.
Sept. 14
28%d.845. 1034d.
2814d.
Sept. 15
28.437d.
84s. 11.2d.
28.302d.
A vera,:e
The silver quotations to-day for cash and two months' delivery are each
3-16d. below those fixed a week ago.
Miscellaneous15
15
*
Berry Motor
54
52
Best Clymer
• 40% 40% 4134
Shoe
Boyd-Welsh Co•
3434 3434
100
Brown Shoe corn
10934 10934
100
Preferred
101
101
100 101
Curlee Cloth pref
38
38
•
E L Bruce corn
101 101
Emerson Electric pref_100 101
34
33
3334
.25
_
com
Ely & Stalker DO
86
86
100 86
2nd preferred
56
56
Fulton Iron Works p1..100 56
30
30
• 30
Ruffle 9 & D rem
102 102
100
Preferred
81% 81%
Hydr Press Brick pref._100
107% 1074
Independent Pack pref 100
159 160si
International Shoe corn.•
107% 1074
Preferred
foe
Johansen Shoe
Nat Candy corn
100
100 100
2nd preferred
*
Pedigo-Weber Shoe
Planters Realty pref.. _ _100
Polar Wave I & F "A"_. • 32%
Rice-Stix Dry Goods corn •
100 98
2nd preferred
Scruggs-V-I1 DO cam. _25
•
Sheffield Steel corn
•
Skouras Bros "A"
South Acid & Sulph corn • 48%
Southw Bell Tel pref._ _ 100 114
St Louis Amusement "A" *
100
St 1.011Ispref
•
Stlx Ball & Fuller
Wagner Electric corn_._ * 23
Wagner Electric Corp pf100
• 48
Wm Waltke corn
MlninaConsol Lead dr Zinc Co
•
23
Street Railway Bonds
E St Louis & Sub Co 5$ '32 • 86
United Railways 4s...1934
1934
4s C-D
Miscellaenous BondsKInloch Long
DIRE 5s 1929
_
ous on Oil 0145
In.
15
le
20
10
50
160
15%
56
764 77
100 100
34
34
95
95
290
10
50
75
10
65
75
82
40
5
150
48
54
40
2
80
50
3434 3434
•
100 160
Laclede Steel Co
MolIls Stores, corn
*
Mo Portland Cement_ _.25
20
25
170
160
15
55
3234 3234
270
23
98
25
2634
50
48%
1134
50
91%
33
18%
69
23
98
25
26%
50
49
114
50
91%
33
23
70
10
415
127
48
48
65
23
23
335
20
10
225
35
40
590
57
15
25
86
86
$4.000
4.000
7634 7634
76
76
100%
1004
-., --
Jan 251
Apr 290
Jan 171
a
i
Sept
Sept
Feb
June 3303 Aug
Sept 31
Sept 66
Mar 4434
June 4434
Aug III
Sept 104
Sept 5334
Jan 104%
100
2834 May 35
Aug 90
84
Aug 99
50
Sept 44
30
Mar 103
101
15
52
35%
30
107
101
38
Jan
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Aug
Mar
Jan
Feb
June
Aug
9731 Jan
10434
135
107
28
184
1434
4834
70
100
27
94%
Aug
May
June
June
June
June
Mar
10714 Sept
175% Jan
11134 June
45
Jan
160
Sept
1734 Jan
23
Sept
80
Apr
67
92
Jan
Feb
Sept 104
Mar
May 39
Jan
June 95
Sept
3134 May 3734 Feb
21% Aug 2534 Feb
98
Sept 102% Jan
22% Aug 30
Mar
24
May 2934 Jan
46
Mar 59
Jan
4234 June 5234 Feb
112% A5r 115% Sept
Apr 593.4 Jan
46
90 May 97
Jan
2834 AWE 353.4 Jan
133.4 July 34% Jan
Jan
61% July 85
Apr 4034 J WA
40
83% Feb
Jan
75
Jan
28
Mat
Aug
87
7834 Apt
7834 Apr
4,000
74
1,000
_
100,4 Sept
Apr ._
99% .
_ .
•No par value.
Breadstuffs figures brought from page 1782.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
The daily closing quotations for securities, &c., at London, from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
, have been as follows the past week:
as reported by cable.
PER CABLE.
ENGLISH FINANCIAL MARKETS
OCT. 2 19241
THE CHRONICLE
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipt* at-I Flour.
Wheat.
Corn. I
Oats.
Barley.
Rye.
01.1.1961bs ush.60 lbs.bush. 56 lbs.bush. 32195 ush.48lbs
.
bush
.5618s.
Chicago
I 263,000
472,000 1,493,000
736.000
262.000
48.000
Minneapolis._
2.225.000
394.000
533.000
512.000
163,000
Duluth
3.259.000 ' 2.000
161.000 439.000
549.000
Milwaukee. _45,000
71.000
86,000
183.000
181.000
27.000
Toledo
224.000
55,000
187,000
5.000
Detroit
104.000
10,000
21,000
16.000
Indianapolis..77.000
375.000
150.000
.St
_
127,000
763,000
534.000
258.000
47,000
5.000
Peoria
65.0/0
28.000
641,000
57.000
643)00
NallSaS City
1,428,000
286.000
154.000
-Omaha
500.000
432.000
132.000
St Joseph_
141,00C
218.000
40,000
Wichita
394,000
17.000
2,000
Sioux City.
36.000
141,000
16,000
Total wk '26
500.0041I 9,722.000 4.678,000 2.630.00
0 1,505,000 813,000
Same wk. '25 498.000I 14,991.000
3,504.000
0 3.015.000 1.5013100
Same wk. '24
525.000 17.433,0(10 5,985.000 6.574.00
9,326.000 2.786.000 3.897.000
Since Aug 11926.
43315,000113.604,000 22.299.0
00 37.104.00010.757.0001 4.861.000
1925
3.951.000106,515.000 31.050,0
1924
4,278,000160.332.000 42.450.000 80.909.000 25.216,000 7.540.000
00 81.189,000 15.642,000 16.173.000
Total receipts of flour and grain at the seaboa
rd ports for
tile week ended Saturday, Sept. 25,
follow:
Receipts at-
Flour.
Barrels.
New York
Philadelphla
Baltimore. _
Newport News
Norfolk
New Orleans*
Galvottun...
Boston
1Vhetti.
Bushels.
235.000
45,000
32.000
2,000
72.000
55.000
31.000
Corn.
Bushels.
Oats.
Bushels.
1.9011.000
216.000
475.000
262,000
20.000
6.000
7,000
252.000
566.1100
2,432.1911
54.000
12.000
12,000
193,000
9.000
2.000
Barley. I
Rye.
Bushels. Bushe R.
82.000
11.000
14.000
249.000
262,00
4,000
18,000
09,000
321,000
708.000 48.000
5.314,000 4.223.000 23.228.00027.199
,000
Week 1925 __
422.1100 2,474,000
237.000
645.000
307.0001
Since Jau.I'25 18,102.000 140.318,0
87.000
01 5.375,000 59.827,00026,082,00028.046,000
* Receipts d)not include
on through MIN of lading. grain passing through New Orleans for foreign ports
The exports from the several seaboa
rd ports for the Ikeel
ending Saturday, Sapt. 25 1926,
are shown in the annexed
statement:
New York
Philadelphia
Baltlature
Norf Alc
Newport News
New Orleans
Galveston
Montreal
Wheat,
Bushels.
Corn,
Bushels.
1 512,726
147,000
256.000
33.577
262,000
309.000
55,000
1 7113,000
2 502,000
Total week 1926.- 6.706.72
88,577
Same week 1925... 3.555.516
3 NM imo
Flour,
Barrels.
49.602
12.000
58,000
2,000
84,000
62,000
98.000
Oats,
Bushels.
Rye,
Bushels.
80.710
Barley.
Bushels.
17,000
259.000
30.000
1613.000
27.0011
47.000
365,602 134.710
917 Ro4 1 n,A 701
1,000
47.000 426,000
1/15 10,1 1 IAA non
The destination of these export
s for the week and since
July 1 1926 is as below:
Exports for Week
and Since
July I to'
United Kingdom.
Coutinent
So. & Cent Amer.
West Indies
Other coulitries.__
Total 1926
Total 1925
Flour.
Week
Sept 25
1926.
Since
July 1
192 .
Wheat.
Week
Sept 25
1226.
Since
July 1
192'.
Corn.
Week
Sept 25
1926.
Since
July I
192.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels,
158,007
9117,559 2.443.519 33,549,767
33.577
181.610
140.395 1,275,46:3 4,225.107 42.597,189
28,000
161,980
23143.0011
22.000
678.000
7,000
124,000
3,000
11,000
33.000
358,000
32.200 •153,1111
35,100
223.350
365,602 2,712.013 6.7116.726 78,424,31
16
217.892 2.901.620 3.55.1.510 52.8683166
88.577 1.217.810
309 tiOn i 1A9 IRS
The visible supply of grain, compri
sing the stocks in
granary at principal points or accumu
seaboard ports Saturday, Set t. 25, werelation at lake and
as follows:
GRAIN STOCKS.
Wheat.
Corn.
Oats.
United StatesRye.
Barley.
bush,
bush,
bush,
New York
bush.
bush.
777,000
130,000
Boston
881.0(10
124.000
32,000
19.000
48.000
Philadelphia
2.000
1.571.00(
1
59.000
119.000
Baltimore
19.000
3.344.000
71.000
Newport News
112.000
106.000
4,000
New Orleans
6.1100
1,051,00
0
229,000
Galveston
78,000
1,640,000
Fort Worth
169.000
2,788.000
85.000 1,446.000
.Buffalo
8.000
84,000
2,899.000 2,331,000 2,926,1100
"
afloat
10.000
196.000
72.0110
Toledo
180,000
76.000
2,529,00
0
238.000
Detroit
273,000
62.000
7.000
147,000
7.000
Chicago
75.000
6.000
25,000
7.157.00
0
8.724.00
"
0
8.528.000 2.435.000
afloat
764.000
15431(0
120.000
hillwaukee
1,225,000
140.000 1,3117.000
Duluth
420.000
1383506
8.730.000
9,000 9.340.000 3.41)3,000
AlinneuP011S
717.000
8,520.000
846.000 18.390.1,00 3,567.000 2.525,00
Sioux ('Ity
0
4623)00
293.000
205,1100
St Louis
7.1910
8.000
4.140.000
544,11(8)
172,)00
Kansas City
33.000
10.000
15.5503100 1,533.000
556,000
Wichita
205.000
7.000
4,126,000
2.000
St. Joseph. Mo
1.111.000
31103810
Peoria
86.000
32.000
.
13.000
28631110
Intliatoupolls
778.1100
1.7123810
196.000
248.111,0
Omaha
- 1.000
3.502.0(81 1,235.000 2,520,00
On Lakes
0
130.000
14.000
3413)110
On Canal and River
_....._
503,000
---24.000
Total Sept 25 1926
Total Sept. 18 1916..„774.173,000 17,2883910 48,993.000 10,7311,000 4.740310
0
2.130.000 17.190.000 45,115,000 11/.1
TJJJJJ I Sept 26 11125 _44.822
MOM 4.134)1)0
3100 4.409.0011 134.466.000
7,8411,000 5084.000
Phrte.-Batideci grain not Included
Oats. New York. 54.1881 bushels:
taLt. 121. 1.10; .311 011• Fl. 111 t n above:
Bur1925. Barley, New Y irk. 4 0110 13. :IL 111 i tin ,I I, 41.11141 47.9,0) °tithe's In
1
Duluth. 40.1100: Cutial, 21)131011; 1114holt: Buffalo. 77,090 Buffalo afloat. 294.000:
(-ital.
622.000
ImMels.
against
In 1925. Whom., New Y .rit. 871,11tki
1.061.0110
1,11411.111: 11.01ton. 2.000. Philadelphia, bushels
Baltimore. 6711.0110, portal ..,
1132.0°w
Buffalo, 1.577,000: Duluth. (79300;
41)2.181): on Lakes. 255.000: 70131011;
Canal.
total, 5.182.000 bushels. against
.4u-1046.
6.0106.000 bushels
3.684.000
225.000
773.000 1.364,000
698,000
Total Sept. 25 1926._ _15.165,000
Total Sept 18 1926___ _11.682.000
Total Sept 26 1925.___14.672,000
307.000
SummaryAmerican
74.173,000 17.288,000
Canadian
15.165.000
5.1553100
5.209.000
2,128,000
1.470.000
1,916,000
419.000
1.580.000 3.814.000
1.422.000 3.119.000
1.117.000 6.061.000
48.893,000 10,739.000 4.740.000
5.155.000 1.58113100 3,814.000
Total Sept. 25 1926____89.338.1100 17.288.000 54.1)48.000 12.328.000
Toted Sept. 18 1926.- - _83.812 0110 17.1911.000 53.344,000 11.596,000 8.554.000
7.953.000
Total Sept. 26 1925...59.494,000 .716.000 66,594.000 8.957.00 11.6442)
0
00
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sint. 24, and since July 1 1926 and 1925,
are shown in the following:
Wheal.
1926.
Week I
Sept. 24.
Corn.
I
1925.
Since
I
July 1. I
I
1926.
Since
I
Week I
July I.
Sept. 24.1
Since
July I.
1925.
Since
July I.
Bushels. I Bushels.
Bushels. I Bushels. I Bushels.
Bushels.
North Amer_ 11.6137.000119.655.000 73.788.000
50.000'
781.000
768.000
Black Sea... 1,416.00() 8.204.000 5.200 000
459.01/0 6.078.000 7.5:15 000
Argentina...._
299,000 8.370.000 16.832.000 3,144.000 45,320.0
00 48.824.000
Australia _
280 1100 6.128.000 11,584 000
India
16,000 2.776.000 2.21)0.0(10
0th. countr'a
585.000
I
25.000 8,5073100
Total.
13,678,000145.718.000 109.604.000 3.653.000 52,204.0
00' 63.634.000
• National Banks.-The following information regarding
national barks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
459.000
Total wk '26
472,000 6.105.000
Since Jan 126 18.385,000 157.6:34.9
(10
Exposit front-
1729
CanadianMontreal
1.106.000
Ft. William & Pt. Arthur_ 9.624.000
Other Canadian
4.435.000
Cantle.
Sept. 22-The Morten National Bank,Morton,Pa
$50.000
Correspondent, A. M.("etc. Morten. Pa.
Sept. 24-The First National Bank of Belmont. Calif
Correspondent, Thomas Permingten • Beiment Calif.
Sept. 24-The Elkins Park National Tank,Elkins Park.Pa
0
Correspondent Philip A. Hall. 8210 ('adwalader Ave., 50
Elkins Park Branch, Philadelphia. Pa.
APPLICATION TO CONVERT APPROVED.
Sept. 24-The Waynesboro National Bank and Trust Compan
y.
Waynesboro. Pa
Conversion of the Waynesboro Trust Co., Waynesboro,$200.000
Pa.
CHARTERS ISSUED.
Sept. 18-12.991-The National Steck Yards National
Bank of
National City,Ill.(P.O. National Stock Yards, Ill.)...
$750.000
President. 0. J. Sullivan: Cashier. R. D. Garvin.
Sept. 23-12.992-The First National flank of Ardsley N.Y...
,
. 25.000
President. Chas. W. Valentine; Cashier, John S. Vredenburgh.
VOLUNTARY LIOITIDATIGNS.
Sept. 20-11.686-National American Bank of New York,
N.Y-1.000.000
Effective Sept. 9 1926. Liq. Agent, the Central
Mer- •
candle Bank of New York. N.Y.
Sept. 21-1.261-9 be National Butchers and Drovers
Bank of
the City of New York, N.Y2.000.
000
Effective close of business Sept. 18 1926. 1.1q. Corn..
James H.Clark. Herbert Frankel. A. L. Liebovitz.
Max
Rubin, David T. Tishman and Israel Unterberg. New
York, N. Y. Absorbed by the Irving Bank-Columbia
.
Trust Co., New York, N. Y., which bank has changed
its title to "Irving Bank & Trust Company."
Sept. 22-5,139-The Medina County National Bank of Medina
.
Ohio
50.000
Effective Sept. 15 1926. Liq. Agent, W. C. Smith.
Meilins. Ohio
5.007
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were s lid at auction
in New York, Boston and Philadelphia on Wednesday of
th:s week:
By Adrian H. Muller & Sors, New York:
Shares. Stocks.
1 per A. Shares. Stocks.
Speech.
30 Sprague's Internat. Mercantile
Agency. pref
500 Fryer Hills Minot CO.. Par $1.
1 member's share Automobile CO- $7 lot
operative Assn. ,,f Amer ,par $5
20 Standard Woven Label Co.7,000 rul.les Russian currency....
3.044 Security Oil Corp.. common.
no par
$8 lot
220 Columbus Del. & Marlon Elec
Co.. common
10
141) Johnstone Tire & Rubber Co..32 lot
200 Ford Technical Laboratorlea.
Inc , pref.. par $10
$.5 lot
1.100 Ford Technical I aboraturies
loc. common. our 51(1 ...
IN)Am. Rubber Pr..d Corp..',ter $250
1.0511 A in. Rol, Prod. Corp..emu_
lot
251 Ardsley Hall Co., pref
$26 lot
60,Crex t'arpet Co
2314
26 Atlantic Coast !level Co....$ 00 lot
220 E. R. Gill Battery Co., Inc .
par $50
51.500 lot
By Parres & Lollard, Philadelohia:
Shares. Stocks.
$ per share
•
6 Philadelphia Girard Nat. Bank. 6Y1
5 Union Nat Bank
260
2 Union National Bank
260
10 Nat. Bk of No, Philadelphia
22114
51uuta,
is
Trust Co.. par $50 Slogan Bunk It Trust Co. par $50 130
713 1 t
20 Broad St. Trust Cu.. par $50.. 70%
10 E. P Wilbur Tr. Co . Bethlehem. Pa
138
5 Merlon Title & Tr. Co . par 550 282
58 Clifton Oil It Gas Co.. common_
25
11 Fairmount Park Transit Co . pf
8
50 CommonwealUi Casualty Co
par 510
15%
8 Philadelphia Life lus.Co.. par $10 14 ki
38 Castle Kid Co., panic. pref
5
Shares. Stocks.
Spec share.
100 Syndicate Corp. Of America. $11 lot
35 Taylor Development Co
511 lot
8 Philadelphia Bourse. corn
20
26 Hare & Chase. Inc . pref
98
25 Hare & Chose. Inc.. eon), no par 26
1 Sumouellanna Title & Trust
414)4
10 Phoenix Trust
60
Rtr situ
Per cent.
32.000 Borough of Ridley Park. Pa .
4'a. July 1 1947
10334
3100 West Phila. Puss. Ry. Co
exul. 59414. 1956
99
By \A se, HoIjI,s a: Arnold, Boston:
Shares. Stocks.
$ 'Per sh. Shares • Stocks.
$ perch.
4 Naumkeug Steam Cotton..154. ex-31v. 5 42.5 Envelope Co.,
corn
166
100 Lawton 51111s
116
4 Gratmi It Knight Co.. pref
61
Farr
4
Alpaca Co
178. ex-MY. 25 Amer Founders Trust, Kerbs) 13
9 Nauniketot -ttam Cotton 16494. ex-div.
:•'; pref . par $50
4494 45
25 Great Falls Mtg. Co
4 units FINt People s. Trust. _
19
. 72%
1 Toone Securities Co
511
126 A t la title Coast Fisheries. 171111 . 32
10 Dartmouth Mfg. Co_ coin
11914 II 1111114 New England Brotherhood
25 Northern Texas Elec. Co.. pref .5734
of 1..s..•111.3.1v). Et agilleers. .
.125
9 American, Glue Cu .
40
15 Lawrence Gas & Elec.. liar 825. 6614
10 Moutpeller & Barre Light at
50 sprbignel,1 Gas 1.1 . par *25 ... 6214
Power
, eon).
131
25 CoilVer4e Rubber sh ,e, pref.__ 7254
6 milts First Pe.mle's Trust. .
- 7234 511 A11111110111 Glue CO.. 11,111,
40
200 CharleitoWn Gas & Electric
10 Kansas t Sty Joint Stock Ld. Bk 91
Co.. par $25
layhts.
- • - '118
$ per Right.
2(1 Camoridge Electric Securitie
s .13814 132qaoruwhusetta Lighting Cos
31.58
'
6 Draper Corp.. new
6594, ex-div. ,i 19 Mlonaehu
setts Lightluif Cm-. 111$
1
1
By R. L. Day & Co., Boston:
. $ per sit.
Shares. Stocks.
15 Plymouth Cordage Co_ _133 M,ex-div.
734
60 Tyer Rubber Co., corn
2 units First Peoples Trust.7234 ex-div.
25 Quincy Market Cold Storage &
40
Warehouse Co.. corn
26 Internat. Securities Trust of
91
America. 64% pref
10
23 Newton Estates Trust
13 New England Power Co.. 6%
10234 & WV.
preferred
3 Boston Real Estate Trust, par
965 & cilv.
$1,000
824
5 Wm. Whitman & Co., pref
con). 28
,
Co
3 Puget Sound Pr. & Lt.
5 Puget Sound Pr. & Lt., prior pf _1034
6 Gardner Elec. Lt. Co.. corn_ _. 140_
$ per Right.
MOM.
250 Massachusetts Lighting Cos_.1 9-16
$ per ch.
Shares. Stocks.
3684
2 Merchants National Bank
339
10 Firer National Bank
1 Waltham (Mass.) National Bank.
116
Par $75
2 Naumkeag Steam Cotton_ _155 ex-div.
Si
16 Androscoggin Mills
48l
• 4 Ipswich Mee. corn
20
2 Weetamoe Mills
135
5 King Philip Mills
2034
200 Hill Manufacturing Co
7 Great Falls Manufacturing Co-__ 194
65c.
Co__
ing
80 Hamilton Manufactur
104
50 Salmon Falls Mfg Co
6734
10 Wamsutta Mills
1934
10 Manomet Mills
7534
20 Arlington Mills
129
10 Pepperell Mfg. Co
6534
10 Draper Corp. (new)
2 Springfield Gas Lt. Co.. par $25. 62
Per cent.
Bonds.
7714
pref
,
Co
1 State Theatre
Boston & Worcester St. Ry.
5 Union Twist Drill Co.. pref _ _ _ _1024 $1 ,000
15 flat
dep
Co. 434'. 1923, ctf.
5 Cambridge Elec. Lt. Co.. par $15.138
Blackstone Valley Gas &
50 Fall River Elec. Lt. Co.. par 325. 4534 8I,000
10114
1939
Jan.
55.
Co.
Electric
25 North Boston Ltg. Prop., com__ 9644
By A. J. Wright & Co., Buffalo:
$ Der ch.
Shares. Stocks.
$2.25 lot
. 10 Assets Realization Co
Pr..
&
Eastern
6 Buffalo Niagara
2514
preferred, par 325
1,000 Preston East Dome, par $1._ 008
$ per oh.
Shares. Stocks.
0.12
150 March Gold, par SI
6 Buff. Mag.& East. Pr.. no par.. 3114
cent.
Per
Bonds.
81.000 Buffalo Athletic Club bond.S850
DIVIDENDS.
In the
Dividends are grouped in two separate tables. ed
the
first we bring together all the dividends announc
table, in which
current week. Then we follow with a second ed,
but which
we show the dividends previously announc
have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
•1
'1
Androscoggin dr Kennebec. 2d pref
144
Baltimore & Ohio. common (guar.)
1
Preferred (guar.)
3
(guar.)
dr
a
West.
Lackawann
Delaware
•1
Norfolk & Western. mil pref (guar.)
2
Norwich & Worcester. pref. (guar.)._
5
Panama RR
'
114
Pennsylvania Company (guar.)
'114
Wabash Ry., pref. A (guar.)
Books Closed.
Days Inclusive.
Dec. 1 *Holders of rec. Nov. 15
Dee. 1 Oct. 17 to Oct. 18
Dec. 1 Oct. 17 to Oct. 18
Oct. 29 Holders of rec. Oct. 9
Nov. 19 'Holders of rec. Oct 30
Oct. 1 Holders of rec. Sept. 18
,'est. 23
Sept. 30 *Holders of rec. Sept. 29
Nov.25 Holders of rec. Oct. 25
Public Utilities.
30 Holders of rec. Sept. 200
Adirondack Power dr Light, common... 100. Sept.
100. Oct. 31 Holders of rec. Oct. 200
Common (monthly)
10c. Nov.30 Holders of rec. Nov. 200
Common (monthly)
114 Oct. 1 Holders of rec. Sept. 200
Seven per cent preferred (guar.)
Oct. 1 Holders of rec. Sept. 200
Eight per cent preferred (guar.) - --- 2
Oct. 1 Holders of rec. Sept 254
144
(guar.).
7%
preferred
Power.
Arizona
Oct. I Holders of rec. Sept. 25a
2
Eight per cent preferred (quar.)
144 Oct. 1 Holders of rec. Sept. 150
Arkansas Light & Power. pref (guar.)._
30 Holders of rec. Sept. 300
Sept.
2
(guar.)
com
Pa.,
Bell Telep of
134 Oct. 1 Holders of rec. Sept. 254
Beloit Water. Gas & Elec., pref. (guar.)
144 Oct. 15 Holders of rec. Sept. 300
Canada Northern Power. pref. (guar.).114 Oct. 15 Holders of rec. Sept. 300
Central Power. preferred (guar.)
114 Oct. 15 Holders of rec. Sept. 30
Cites. & Potomac Telep 7% pt. (qu.)_
21
134 Oct. 1 Sept. 15 to Sept. 30
(guar.)
Electric
dr
Gas
Cincinnati
Oct. 1 Sept. 19 to Sept.
2
an. & Suburban Bell Telep. (guar.)
15a
Sept.
of
rec.
1
Holders
Oct.
2
City Gas Co.(Norfolk) Pref. (guar.).-Sept. 30 Sept. 18 to Sept. 30
1
City Ry.. Dayton, 0., COMMOD (quer.)
30
Sept.
18
to
Sept.
30
Sept.
134
Preferred (guar-)
•134 Dec. 1 Holders of rec. Nov. 15
Cleo. Elec. III. 6% pref. (guar.)
Nov. 1 Holders of rec. Oct. 15
"2
Commonwealth-Edison (guar-)
Oct. 15 Holders of rec. Oct. la
Commonwealth Gas & Elec.. Pt.((Mar.) $1.50 Sept.30 Holders of rec. Sept. 30
*2
tom.
(guar.).Telep.
State
Diamond
50c. Oct. 1 Holders of rec. Sept. 20a
Fall River Electric Light (guar.)
134 Oct. 1 Holders of rec. Sept. 200
Georgia Light. Power dr Rys , of (qu.)
Oct. 7 Holders of rec. Sept. 22
$1.30
)
(qu
.
Ry
Pass.
Phila.
SM.
Green dr Coates
Sept.30 Holders of rec. Sept 250
4334c.
Hackensack Water. pref. A (quar.).134 Sept. 30 Holders of rec. Sept 18
Harrisburg Light & Pow.. pref. (guar.). *3
Oct. 1 *Sept. 17 to Sept.30
Harrtsburg Rys., preferred
500. Sept. 30 Sept. 16 to Sept. 30
Hartford City Gas Lt.. corn. & pf (qu.)
Nov. 1 *Holders of rec. Oct. 15
'134
.
(quar.)
pref.
Utilities.
Northern
Illinois
Oct. 1 Holders Of rec. Sept. 25
2
Kinloch-Bloomington Telep.(guar.) _ _
144 Oct. 15 Holders of rec. Sept. 30a
Louisville Gas & El. of Ky.,7% pf.(qu.) 134 Oct. 15 Holders of rec. Sept. 300
Six per cent preferred (quar.)
Oct. I Holders of rec. Sept. 300
2
Manufacturers Light & Heat (guar.)._
Nov. 1 *Holders of rec. Oct. 20
Milw. Elec. Ry. & Lt. pref. (guar ).-- '134
1 Holders of rec. Sept. 150
Oct.
2
(guar.).
pref.
Mississippi Power & Light.
1 Holders of rec. Sept. 15
Oct.
134
Mississippi River Power, pref. (quar.)
134 Oct. 15 Holders of rec. Sept.30
Den
(qu.)..
pr.
Servs.
El.
&
Gas
'Missouri
(qu.) 134 Oct. 14 Holders of rec. Sept.30
Northern IndianaPub.Serv 6% pf.
144 Oct. 14 Holders of rec. Sept. 30
Seven per cent preferred (guar-)
) 144 Oct. I Sept. 25 to Sept.30
(qu
Pt.
Devel..
&
Pow.
Northern Mexico
Sept. 30 Holders of rec. Sept. 280
2
Northwest. Bell Telep., common (guar)
134 Oct. 15 Holders of rec Sept, 20a
am % preferred (quar.).
Oct. 15 'Holders of rm. Oct. 2
*35c.
Ohio 011 & Gas
114 Oct. 1 Sept. 17 to Oct. 1
Omaha & Council Bluffs St. Ry., pf.(qu.) 144 Oct. 15 ,Holders of roe Sept. 304
(guar-)
pref.
Power,
-Montreal
Ottawa
Oct. 18 Holders of rec. Oct. 4
2
Peoples Gas Light & Coke (guar.)
500. Nov. 1 Holders of rec. Oct. 15
Power & Light Securities Trust
Oct. 15 Holders of rec. Sept. 300
134
(qu.)
M.
Canada.
of
Power Corporation
Nov. I 'Holders of rec. Oct. 15
(guar.) *2
Public Service of Nor. Ills.. corn.
Nov. I *Holders of rec. Oct. 15
'134
(guar.)
preferred
cent
per
Six
Nov. 1 *Holders of rm. Oct. 15
•141
(quar.)
Seven per cent preferred
15 *Holders of rec. Sept. 30
Oct.
•144
)
San Diego Consol. Gas & Elec.. pf.(qu
144 Oct. 1 Holders of rec. Sept 10
(qu)
pref.
Corp..
Power
&
Southern Gas
Holders of rec. Sept. 300
15
Oct.
2
(quar.),.
Southern New England Telep.(guar.)._ _
144 Oct. 1 Holders of rec. Sept. 154
"Texas-Louisiana Power. pref.
1 Holders of rec. Sept 200
Oct.
1
(quar-)
COM.
'Fri-City Ry. & Light.
134 Oct. 1 Holders of rec. Sept. 204
Preferred (quar.)
134 Oct. 10 Oct. 1 to Oct. 10
'Trinidad Electric Co.(quar.)
Oct. 1 Holders of rec. Sept. 22
8734
)
pf.(qu
part.
Union Elec & Gas Co.,7%
Sept. 30 Holders of rec. Sept. 20
3
United Elec. Light (Springfield)
134 Dec. 15 Holders of rec. Nov. 24a
1.)
Pf-(f11
614%
Power.
Washington Water
Name of Company.
234• Oct.
Trust Companies.
Lawyers (guar.)
134 Sept. 30 Holders of rec. Sept. 184
1 Holders of rec. Sept. 24
Miscellaneous.
Oct. 20 Holders of rec. Oct.
Abitibi Power & Paper. corn. (quar.).. $150c Oct. 18 Holders of roe. Oct.
Alliance Realty (quar)
Nov. 1 Holders of rec Oct.
$I
&
(qu.)
Dye
Corp..mom
Allied Chemical
114 Nov. 15 *Holders of rec. Oct.
Allis-Chalmers Mfg , common (guar.).-'
Nov. 15 Holders of rec. Oct.
50c.
(guar.)
corn.
Can.
American
*50c. Oct. 4 *Holders of rec. Oct.
American Chain. class A (guar.)
Oct. 25 Holders of rec. Oct.
2
American Ice corn (guar.)
16 Oct. 25 Holders of rec. Oct.
Preferred (quar)
Nov 1 *Holders of rec. Oct.
Amer. Vitrified Prod.. pref. (guar.) --- '114
750. Nov. 22 Holders of rec. Oct.
Anaconda Copper Mining (guar.)
Nov. I *Holders of rec. Oct.
•144
(queer.)
pref.
Archer-Daniels-Mid..
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
Holders of rec. Oct. 16
62c. Nov.
Associated Dry Goods, corn. (quar.)....
Holders of rec. Nov. 13
134 Dm.
First preferred (guar.)
Holders of rec. Nov. 13
134 Dec.
Second preferred (guar.)
Holders of roe. Oct. '16
Nov.
114
Atlantic Refining, preferred (quar.)Holders of rec. Oct. 204
134 Nov.
Atlas Powder. pref. (guar.)
.154 Nov.
of rec. Oct. 15
*Holders
).
(guar
pref.
Co..
&
Nichols
Austin,
*3
Nov. "Oct. 22 to Oct. 31
Blaw-Knox Co., corn.(guar.)
Oct 22 to Oct. 31
Nov.
Preferred (guar.)
*134 Nov. "Holders of rec. Oct. 20
Bloomingdale Bros.. preferred (quar.)._
*75c. Oct. 25 *Holders of rec. Oct. 11
Briggs Manufacturing (quar.)
'$1.50 Oct. 1 *Holders of rec. Sept. 25
Browning Crane Co.. corn
4 Sept. 30 Holders of rec. Sept. 10
13
Budd Wheel, 7% let pref. (guar.)
75c. Sept. 30 Holders of rec. Sept. 10
7% first preferred (extra)
2
Oct. 1 Holders of rec. Sept. 15
(guar.)
pref.
&
pref.
1st
Knitting,
Cadet
*144 Oct. 1 'Holders of rec. Sept.24
Canadian Paperboard. pref. (guar.).
SI 50 Oct. 1 Holders of rec. Sept. 15
Celotex Co.. tom
$1.75 Oct. 1 Holders of rec. Sept. 15
Preferred
Oct. 25 *Holders of rec. Oct. 15
Chicago Pneumatic Tool (quar-)
30c. Nov. 1 Holders of rec. Oct. 15
Christie, Brown & Co., corn. (quar.)...
Nov. 1 Holders of reo. Oct. 20
144
Preference (quar.)
m Oct. 1 *Holders of rec. Sept. 30
Consumers Company. 7% prior pf. (qu.)
250. Oct. 25 Holders of rec. Oct. 15
Consolidated Royalty 011
*20c. Oct. 30 'Holders of rec. Oct. 15
Continental Motor Co. (guar.)
80e. Oct. 30 Holders of rec. Oct. 15
Continental Motors Corp. (quar.)
50c. Oct. 15 Holders of rec. Oct. 1
(qu.)
A
cl.
&
corn.
Corp.,
Al
lance
Credit
75c. Oct. 15 Holders of rec. Oct. 1
Common and class A (extra)
114 Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
Oct. 20 Holders of rec. Oct. 16
SI
Credit Discount Corp., corn. (quar.)__
Oct. 1 Holders of rec. Sept. 27
2
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept. IS
Curtis Publishing. prof. (queer.)
Nov. 1 *Holders of rec. Oct. 15
•250.
Davega, Inc. (guar.)
40c. Oct. I Holders of rec. Sept.20
Detroit Creamery (guar.)
2 *Holders of rec. Sept. 22
Oct.
*40c.
A
(guar.).class
corn.
Foprings.
Detroit
•1 44 Sot.30 'Holders of rec. Sept. 27
Dominion Rubber. pref. (guar.)
194 Oct. 15 Holders of rec. Sept.30
Eagle-Picher Lead. preferred (guar.)._
'6294c Nov. 1 'Holders of rec. Oct. 15
Elgin National Watch (queer.)
Oct. 15 *Holders of rec. OM'. 1
*S1
Eureka Pipe Line (guar.)
I6c. Oct. 16 Holders of rec. Oct. 2
Fifth Avenue Bus Securities (queer.)....
20 Holders of rec. Oct. 10
Oct.
.50
$1
(guar.).
corn.
Firestone Tire & Rubber,
144 Nov. 1 Holders of rec. Oct. 15
Fisk Rubber, 1st prof (lum-)
144 Nov. 1 Holders of rec. Oct. 15
First convertible preferred (guar.).134 Nov. 15 Holders of rec. Nov. 1
Second preferred (quar.)
Oct. 11 *Holders of rec. Oct. 1
•10
Ford Motor Co. of Canada
1.4 Oct. 1 Holders of rec. Sept. 20
pref.
(quar.)
c.)
Co.,
Foster (W.
Oct. 31 Holders of rec. Oct. 16
•750.
Gilchrist Co. (quar)
374c Oct. 15 Holders of rec. Sept.30
Gorfredson Corporation. Ltd.(mmr.)1 Holders of rec. Sept. 23
Oct.
II
com.(qu)
Mtge.,
&
Great Northern Bond
134 Oct. I Holders of rec. Sept. 2s
Preferred (guar.)
'134 Oct. 1 Holders of rec. Sept. 24
Herring-Hall-Marvin (guar.)
4.354 Oct. 1 Holders of rec. Sept 24
Extra
Oct. 15 Holders of rec. Sept. 31)
Hilicrest Collieries, common (guar.).--. •1m Oct.
15 Holders of rec. Sept. 30
Preferred (guar.)
Dec. 1 Holders of rec. Nov. 20
144
Hood Rubber, preferred (guar.)
.0144 Nov. 1 Holders of reo. Oct. 15
Holly Sugar Corp., preferred (quar.)"37 M c Nov. 1 Oct. 9 to Oct. 81
Horn & Hardart, common (guar.)
•1244c Nov. I Oct. 9 to Oct. 31
Common (extra)
50c. Nov. 15 Holders of rec. Nov. 1
International Paper, corn. (guar.)
*500. Oct. 29 Holders of rec. Oct. 14
Iron Products (guar.)
Oct. I Holders of rec. Sept. 250
I
Keystone Watch Case (guar.)
Nov. 1 Holders. of rec. Oct. 15
83
Knox Hats, Common
Nov. 1 Holders of rm. Oct. 15
$1
Class A participating stock
114 Nov. 1 Holders of rec. Oct. 15
Second preferred (guar.)
1 Holders of rec. Oct. 20
1
Nov.
(quar.).
common
Co..
Kress (S. H.)&
of rec. Oct. 11
Lindsay Light Co., pref. (acct accum.) "UM Oct. 25 *Holders
Metropolitan Chain Stores first and
rec. Oct. 20
of
1
Holders
Nov.
144
second preferred (guar.)
50c. Oct. 25 Holders of rec. Oct. 5
Miller Rubber, corn. (guar.)
of rec. Sept. 22
Nashua Gummed & Coated Paper (au). 144 Oct. 1 Holders of rec. Sept. 23
'75c. Oct. 1 *Holders
Page-Hershey Tubes. corn. (guar.)
'154 Oct. 1 "Holders of rec. Sept. 23
Preferred (queer)
•50c. Oct. 30 *Holders of rec. Oct. 10
(guar.).
B
&
A
Petrol,
Pao-Amer. West.
*75c. Nov. 1 "Holders of rec. Oct. 11
Pathe Exchange, class A (guar.)
37Sic Oct. 1 Holders of rec. sept. 25
Pedigo-Weber 'hoe (quar.)
Nov. 15 Holders of rec. Nov. 5
2
Penmans, Limited, COM.(quar.)
1.4 Nov. 1 Holders of rec. Oct. 21
Preferred (quar.)
81 .25 Oct. 15 Holders of rec. Sept. 30
(guar.)
Mfg.
Salt
ia
Pennsylvan
134 Nov. 1 Holders of rec. Oct. 200
Phillips-Jones Corp.. pref. (guar.)
Oct. 1 'Holders of rec. Sept. 27
$1
Pittsburgh Steel (guar.)
Oct. 12 *Holders of rec. Oct. 5
*S1
(qu)
Transfer
&
Whse.
Plush. Terminal
Nov. 1 Holders of rec. Oct. 20
394
1926
of
Prudence Company, pref.. series
82.50 Oct. 15 Holders of rec. Oct. 5
Real y Associates. corn (quar.)
Oct. 1 Holders of rec. Oct. 5
3
Second preferred (quar-)
•750. Oct. I *Holders of rec. Sept. 30
Richmond Radiator, pref. (guar.)
Holders of roe. Sept. 28
Oct.
2
.Hefie Stores. lot pref.(quar)
Holders of rec. Sept 29
144 Oct.
(queer.)
A
St. Louis Amusement Co..class
of rec. Oct. 15
*Holders
Nov.
'62340
Salt Creek Producers (guar.)
*Holders of rec. Sept. 29
Oct.
*2
(War.)
Sandusky Cement
*Holders of rec. Oct. 15
Nov.
'62140
Sears. Roebuck & Co.(guar-)
134 Oct. 15 Holders of rec. Oct. I
Securities Management. ol- A(qua"'- Nov. 1 *Holders of rec. Oct. 15
Seeman Bros., common (no par)(guar.). "50c.
Oct. 1 Holders of rec. Sept. 20
250.
Silver King Coalition
1341 Nov. 1 Holders of rec. Oct. IS
Simmons Co., preferred (guar.)
Nov. 15 Holders of rec. Nov. 1
Smith (A. 0.) Corp.. common (quar.).- $it144 Nov. 15 Holders of rec. Nov.I 1
Preferred (quar.)
15 Holders of rec. Oct. 8.
Oct.
$1.25
corn
(quar.).
Bros.,
&
G.)
&
Spalding(A.
144 Oct. 1 Holders of rec. Sept. 29
Stahl (H. A.) Properties. prof. (guar.). •SI .25 Nov. 1 *Holders of rec. Oct. 15.
Sterling Prod Ms (guar.)
Oct. 15 Oct. 1 to Oct. 13
S1
Sullivan Machinery (guar.)
Dec. I Holders of rm. Nov. 15
2
United Drug, corn. (guar.)
87340 Nov. 1 Holders of rec. Oct. '15.
First preferred (guar.)
15 Holders of rec. Oct. 3
Oct.
250,
Utah-Apex Mining Co
114 Sept. 30 Holders of rec. Sept. 30
U.S. Bond & Mortgage Corp.. Pf.(an.).
corn.
Mining,
&
Refining
U.S. Smelting.
87340 Oct. 15 Holders of rec. Oct. 7
and Prof. (guar.)
Oct. 12 'Holders of roe. Sept. 30
Warren (Charles) Co., corn. (quar.)... •500.
•15.4 Oct. 28 *Holders of rec. Sept. 30
let and 2nd pref. (guar.)
Oct. 1 *Holders of rec. Sept. 25
*25e.
Yellow Cab (Newark). (guar.)
Banks.
FIrst National Bank, Brooklyn.(quar.).
. rvnr.. 123.
THE CHRONTCLE
1730
9
9
15
23
30a
1
8
8
20
16
21
Below we give the dividends announced in previous weeks
s anand not yet paid. This list does not include dividend
table.
nounced this week, these being given in the preceding
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
Carolina Clinchfield & Ohio, corn.(qu.)
Stamped certificates
Chesapeake & Ohio, preferred A
elev. Cin. Chic. & St. L.. corn. (qu.).
Preferred (guar.)
Cuba Railroad, preferred
Georgia RR.& Banking (guar.)
.
Kanms City Southern, pref. (queer.)...
Midland Valley
(quar.).
A
pref.
Missouri-Kansas-Texas,
NewYork Central RR.(guar.)
Northern Pacific (guar.)
Pitta. & West Virginia. corn.(quar.).._.
Common (guar.)
Reading Company, common (guar.).--Second preferred (guar.)
St. Louls-Seen Francisco Ry.. prof.(au).
Southern Railway, common (guar.) Preferred (guar.)
Vermont & Massachusetts
West Jersey & Seashore
Western Pacific RR.rorp.. pre( rcc.1
75c. Oct. 10
H an 1,2
1.25
83
Jan 1'27
144 Oct. 20
134 Oct. 20
3
Feb1•27
234 Oct. 15
311.25 Oct 15
Oct. 15
154 Nov. 1
144 Nov. 1
134 Nov. 1
14 Oct. 30
134 Jan. 31
Nov. 11
$I
500. Oct. 14
1.14 Nov. 1
154 Nov. 1
134 Oct. 15
Oct. 7
3
$1.25 Oct. 15
114 Oct 20
Books Closed.
Days Inclusive.
Holders of rec. Sept. Ms
Holders of rec. Sept. 800
Holders of rec. Deo. 86
Holder r of reo. Oct. 50
Holders of rec. Oct. 156
Hold. of rec. Jan. 15'27a
Oct. 2 to Oct. 14
Holders of rec. Sept. 30a
Holders of roe. Sept. 306
Holders of rec. Oct. 15a
Holders of rec. Oct. 56
Holders of rec. Sept. 306
Holders of rec. Oct. 154
Hold. of rec. Jan. 15'276
Holders of rec. Oct. 144
Holders of rec. Sept. 216
Holders of rec. Oct. 154
Sept. 22 to Oct. 12
Sept. 22 to Oct. 12
Sept. 9 to Oct. 7
la
Holders of roe. Oct. 70
Holders or fen. Oct.
OCT. 2 1926.1
THE CHRONICLE
1731
Per
When
Books Closed.
Per
When
Books Closed
Cent. Payable.
Days Intlustre.
Name of Company.
Cent. Payable
Days Inclusfee.
Public Utilities.
Ali cellaneous (rnnifnuedl.
AB-America Crudes (quar.)
1% Oct. 14 Holders of rec. Sept. 300 American Type Founders, corn. (quar.), 2
Oct. 15 Holders of rec. Oct. 54
American Gas of N. J. (guar.)
2
Oct. 13 Holders of rec .Sept.
Preferred
1% Oct. 15 Holders of rec. Oct. 5a
American Gas & Electric, pref. (guar.)._ $1.50 Nov. 1 Holders of rec. Oct. 30a American (quari
11
Vitrified Products. corn.
50c. Oct. 15 Holders of rec. Oct. 5.
American Telep. & Teleg. (guar.)
234 Oct. 15 Holders f rec. Sept. 20a American Woolen, prof. (guar.) (qui 154 Oct. 15 Sept. 16 to Sept.23
Quarterly
234J an 1527 Holders of rec. Dec. 200 AK() Manufacturing, class A (quar.)
_ - - 50c. Oct. 10 Holders of rec. Sept.20'
Quarterly
2%A pr 1527 Holders of rec. Mar. 15a Asbestos Corporation preferred
(guar.). 154 Oct. 15 Holders of rec. Oct. 1
Associated Gas& Elec., class A (guar.)._
(1) Nov. 1 Holders of rec. Sept. 30
Associated 011 (extra)
40e. Oct. 25 Holders of rec. Sept.IM
Bell Telephone of Canada (guar.)
2
Oct. 15 Holders of rec. Sept 230
Atlantic Ice & Coal,
f ed
33-4 Jan 127
Bell Telephone of Pa.. pref. (guar.) _1% Oct. 15 Holders of rec. Sept. 200 Atlas Plywood (guar.)
$I
Oct. 15 Holders of rec. Oct. la
Brazilian Trac.. It. & Pow.. ((ref. (qu.)_
134 Oct. 15 Holders of rec. Sept. 15
Auburn Automobile, stock dividend
e5
Nov. 2 Holders of rec. Oct. 20.
Brooklyn-Manhattan Transit (quar.)_
51
Oct. 15 Holders of rec. Oct. la Ault & Wiborg Co. preferred (quar.)1% Oct. 1 Holders of rec. Sept. 11
Preferred series ((tuar.)
1% Oct. 15 Holders of rec. Oct. 1
Babcock & Wilcox(quar.)
1% Oct. 1 Holders of rec. Sept.20a
Preferred series A (guar.)
1 %.I an 15'27 Holders of rec. Dec. 31
Quarterly
134 Jan 2'27 Holders of rec. Dec. 20.
Preferred series A (quar.)
134A pr 15'27 Holders of rec. Apr. 1
Quarterly
154 Apr 1'27 Hold of rec. Mar.20'27a
Central Illinois Put). Serv.. pref.(guar.). 134 Oct. 15 Holders of rec.
Sept. 30a Balaban & Katz,COMMon (monthly)
25c.
Oct. 1 Holders of rec. Sept.20
Central Power & Light. pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 15
Barnhart Brothers & SpindlerChicago Rap. Trani., prior pf. untidy .)_ 65c
Nov. 1 Holders of rec. Oct lila
First and second preferred (guar.).134 Nov. 1 Holders of rec. Oct. 23.
Prior preferred (monthly)
65c. Dec. 1 Holders of rec. Nov. I6a Bayuk Cigars, Inc., first pref. Hoar.).,..
13-4 Oct. 15 Holders of rec. Sept.308
Cln. Newport dr Cov.L.& Tr.,com.(qu) 1% Oct. 15 Oct. 1
Convertible second preferred (guar.).to Oct. 17
154 Oct. 15 Holders of rec. Sept. 30a
Preferred Mari
1% Oct.
8% second preferred (qua)'.)
Oct. 1
to Oct. 17
2
Oct. 15 Holders of rec. Sept.30.
Columbus Ry.. P. At L.,ser.B, pref.(qu.) 51.63 Nov. 15
Holders
Beeeti- Nut Packing. corn. (guar.)
60c. Oct. 9 Holders of rec. Sept.251
Commonwealth Power Corp., corn. (qui 50e. Nov. I Holders of rec. Oct. 15
1
of rec. Oct. 14
Preferred (guar.)
155 Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 14
Belgo-Canadlan Paper, corn.(quar.)
134 Oct. 11 Holders of rec. Sept. 30.
Consumers Power. 6.6% pref. (monthly) 55c.
Oct. 2 Holders of rec. Sept. 15
Borne Scrymser Co
6% pref r d t(mer.)
$4
Oct. 15 Sept. 26 to Oct. 14
134 Jan. 2 Holders of rec. Dee. 15 . Extra
4
Oct. 15 Sept. 26 to Oct. 14
6.6% preferred (quar.)
1.65 Jan. 2 Holders of rec. Dec 15
British Columbia Fish & Packing (guar.) 114 Dec. 10
7% prelerred (guar.)
Holders of rec. Nov.30
134 Jan. 2 Holders of rec. Dec. 15
Burns
Bros.,
prior
pref. (guar.)
$1.7 Nov. I Holders of rec. Oct. 154
6% preferred (monthly)
50c. Nov. 1 Holders of rec. Oct. 15
Bush Terminal Co., deb. pref. (guar.).154 Oct. 15 Holders of rec. Oct. la
6% preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
Byers(A. M. Co.. pref. (guar.)
•1y, Nov. 1 *Holders of rec. Oct.
6% preferred (monthly)
15
50c. Jan 2'27 Holders of rec. Dec. 15
Canada Cement Co. (guar.)
Oct. 16 Holders of rec. Sept.30
1
6.6% preferred (monthly)
55e. Nov. 1 Holders of rec. Oct. 15
Canada Dry Ginger Ale (atiar.)
50c Oct. 1
6.6% preferred (nrolithlY)
Holders of rec. Oct. 1
55c. Dec. 1 Holders of rec. Nov 15
stock
dividend
(guar
)
el 34 Oct. 15 Holders of rec. Oct. la
6.6% preferred (monthly)
55e. Jan 2'27 Holders of rec. Dec. 15
Stock dividend (guar.)
Cl % JanI5'2 Holders of rec. Jan 1 '27a
Detroit Edison (guar.)
2
Oct. 15 Holders of rec. Sept.20a Canadian Car & Edy., pref.(gua)'.)
155 Oct.
Diamond State Telep., pref . (guar.)
Holders of rec. Sept. 24
Holders
Oct.
1%
_
15
of
Canadian
rec.
Sept.
20a
Cottons, corn. (guar.)
2
Oct. 4 Holders of rec. Sept. 25
Dominion Power & Transm.. pref.(BL)
1% Oct. 15 Holders of rec. Sept 23
Preferred (guar.)
East Bay VI atm pref. A (guar.)
134 Oct. 4 Holders of rec. Sept. 25
1% Oct. 15 Holders of rec. Sept. 30
Canadian
•14,4
ExpL,sives.
pref
.
(guar.)
Oct. 15 *Holders of rec. Sept. 30
Preferred B (guar.)
1% Oct. 15 Holders of rec. Sept. 30
Canadian Industrial Alcohol (auer.).
32c Oct. 15 Holders of rec. Sept. 30
Electric Bond Sr Share Securities (guar.) 25c.
Oct. 15 Holders of rec. Sept. 15
Ceo,tral Aguirre sugar. ),()). (4 uar.)-- -. $1.50 Oct. I Haters of
Electric Bond Ar Share. met. (guar.)
rec Sept. 25
1% Nov. 1 Holders of rec. Oct. 11
Central
Alloy
Steel.
cont.(quar.)
50c. Oct. 1
Holders of rec. Sept.25a
El Paso Electric Cu., pref., ser. A 1(10.).
154 Oct. 15 Holders of rec. Oct. la Chicago Yellow Cab Co.(monthly)
33 I-3c Nov.
Preferred serial B (quer.)
Holders of rec. Oct. 204
.... 154 Oct. 15 Holders of rec. Oct. la
Monthly
33
Dec.
I-3c
Holders of rec. Nov. 19a .
Fort Worth Power dr Ltg., Prof. (quer... _
1% Nov. I Holders of rec. Oct. 15
Chrysler Corporation, preferred (gua)'.). $2
Jan 32 Holders of roe. Dec. 154
General Public Service. cony. Id. (qui
51.75 Nov. 1 Holders of rec. Oct. 8
Cities Service Co.. Common (monthly)_ _ •Si Nov. 'Holders of
International Telep. & Teleg. (quar.)_._
rec. Oct. 15
134 Oct. 15 Holders of rec. Sept.270
Common
(payable
in
common stock).. •11i Nov
Internat. Utilities. class A (guar.)
*Holders of rec. Oct. 15
Holders of rec. Oct. 4
8734c Oct. I
Preferred and preferred B (monthly)..
Nov.
'Holders
Preferred (guar.)
of
rec. Oct. 15
Holders of rec. Oct. 20
SI .75 Nov.
Bankers shares (monthly).
*Holders of rec Oct. 15
Kentucky Securities Corp., pref. (guar.) 134 Oct. I
.34 Noy.
Holders of rec. Sept. 200 Corn Products Refining, corn.(quar.)_
Laurentide Power (guar.).
_ _ *50c. Oct. 20 "Holders of rec. Oct. 4
.. ,
155 Oct. 15 [bitters of rec. Sept. 30
Preferred (guar.)
•154 Oct. 15 *Holders of rec. Oct.
Manila Elec. Coro.. common
4
..(guar.). - - 50c. Dec. 3 Holders of rec. Dec. I5a Crane CompanyMassachusetts Gas Cos.. common
(qui 51.25 Nov.
Holders of rec. Oct. 15
Common (payable In common stock). 110
Oct. 15 Holders of rec. Sept. 15
Massachusetts Ltg. Cos.. 6% pref. (go.)
Holders of rec. Sept. 25
134 Oct. 1
Creamery Package Mfg., corn. (quar.)_. 50c. Oct. 10 Oct. 1
Eight per cent preferred (guar.)
to Oct. 10
2
Oct. 15 Holders of rec. Sept. 25
Preferred (guar.)
1)4 Oct. 10 Oct. 1
Middle West Utilities. pref. (guar.)._
Oct. 10
154 Oct. 15 Holders of rec. Sept. 30
Cresson Cons. Gold H.& M.(guar.)... 10c. Oct. 10 Holders of to
Midland Utilities, prior lien (guar.)._
rec. Sept.30
154 Oct. 6 Holders of rec. Sept. 22
Crucible Steel, COM. (guar.)
Preferred A (guar.)
I% Oct. 30 Holders of rec. Oct. 154
134
Oct.
Holders
6
of
rec.
Cudahy
Sept.
Packing, common (oust.)
22
Montreal Telegraph (guar.)
2
Oct. 15
2
Oct. 1
Cone. Press, Inc. (quar.)
Mountain state) Power. pref. (quar.)
51
Dec. 15 Holders of rec. Dec. 1
155 Oct. 2 Holders of rec. Sept. 30
Dodge Bros., pref. Hour.)
Nevada-Calif. Elec. Corp., pref.
1% Oct. 15 Holders of rec. Sept. 288
(quar.)_
155
Nov.
Holders
of
Dome Mines. Ltd. (guar.)
rec. Sept. 30
New Eng. Pow. Assn coin .(go.)(N
50c. Oct.
Holders of rec. Sept. 30.
Holders of rec. Scum. 30
..1) 37 Sic Oct. 1
Dominion Textile, preferred (quar.)..,... 1% Oct. 20
New England Pub. Serv., pref. (guar.).
15 Holders of rec. Sept.30
$1.75 Oct. I
Draper Corporation (extra)
New York Telephone, pref. (quar.)
12% Jan1527 Holders of rec. Aug. 28
_
134 Oct. 1 Holders of rec. Sept. 20n du Punt(E. 1.) de Nemours & Co.
Niagara Falls Power, preferred (guar.)
- 4355c Oct. I Holders of rec. Sept. 30a
Debenture stock (quar.)
13-4 Oct.
Northern States Power. C0111., cl. A (qu.)
Holders of rec. Oct. 96
2
Holders of rec. Sept. 3U
Nov.
Eagle-Plcher Lead, eliMnion (quar.)....
Six
40c. Dec. 1 Holders
ref. (guar.)
134 Oct. 2 Holders of rec. Sept. 30
Eastern Steamship Lines, pref. (guar.).- 87%c. Oct. 15 Holders of rec. Nov. 15
7% Pref. (qu .)
of rec. Oct. 7.
1
5
5
Oct.
Holders
Eaton
of
2
rec.
Axle
Sept
&
30
Spring. cora. (guar.)
Ohio Edison, 6% preferred (guar.)
.50c. Nov. 1 'Holders of rec. Oct. 15
1% Dec
Holders of rec. Nov. 15
Economy Grocery stores (guar.)
6.6% preferred (guar.)
25c. (Oct.15 Holders (,f rec. Oct. 1
1.65
Holders
Dec.
Fatnous
of
1
rec.
Players
Nov.
15
-Lasky
Corp. pref. (qu.) 2
7% preferred (guar.).
Nov. 1 Holders of rec. Oct. 15
I% Dec 1 Holders of rec. Nov. 15
Fair (The). common (monthly)
20c. Nov. 1 Holders of rec. Oct. 218
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec Oct. 15
Preferred /guar.)
1% Nov. 1 Holders of rec. Oct. 21.
6.6% preferred (monthly)
55c. Dec. 1 Holders of rec. Nov. 15
Fairbanks
-Morse
& Co., corn. (quar.)..
75c. Dec. 31 Holders of rec. Oct. 154
Pacific Gas er Electric, con) (guar.).
- 2
Oct. 15 Holders of rec. Sept 300
Preferred (guar.) '
Pacific Telep. Ar Teleg., pref. (quar.)_ _ _
134 Dec. 1 Holders of rec. Nov. 154
1% Oct. 15 Holders of rec. Sept. 300 Federal Motor Truck, stock dividend_
Penn-Ohl., Edison, 7% pref. (guar.).
2% Oct. 5 Sept. 19 to Sept.30
__
155
Dec.
Holders
Federal
1
of
rec.
Nov.
Purchase Corp.. cl. A (gBL)
20
75c. Nov. 2 Holders of rec. Oct. 15
Peoples Gas Light & Coke(guar.)
2
Oct. 18 Holders of rec. Oct. 40
Class B (quar.)
25c. Nov. 2 Holders of rec. Oct. 15
Peoples Lt.& Pow.Corp.,com.A (mthly.)
20c. Oct. 10 Holders of rec. Sept. 30
Fifth Ave. Bus Securities (quar.)
16c. Oct. 16 Holders of rec. Oct. 2s
7% preferred (guar.)
7-12 Oct. 10 Holders of rec. Sept. 30
Firestone
Tire & Rubber.6% p1. (qu.)..
134 Oct. 15 Holders of rec. Oct. 1
Philadelphia Co., common (guar.)
Oct. 30 Holders
51
Six per cent preferred ((luar.)._ ..... 51.50 Nov. I Holders of rec. Oct. la Foote Bros.Gear & Mach.Co.. pref.(cm.
1% Jan 1'27 Holders of rec. S pt. 20
of
rec.
Foshay
Oct.
(W.
la
R.) Co., cont. (monthly).
2-3 Oct. 10 Holders of rec. Sept.30
Philadelphia & Camden Ferry (quar.)
Oct. 11 Holders of rec. Sept. 20a
5
7% preferred (monthly)
7-12 Oct. 10 Holders of rec. Sept.30
Philadelphia Rapid Transit, cum.(guar.) Si
Nov. 1 Holders of rec. Oct. 15a
Preferred A (monthly)
2-3 Oct. 10 Ilolders of rec. Sept.30
Preferred (guar.)
51.75 Nov. 1 Holders of rec. Oct. 1
Film
Fox
Corp., cum. A & B (guar.) _ . $1
Oct. 15 Holders of rec. Sept. 3011.
Phila. & )estern Hy., pref. (guar.).
1% Oct. 15 Holders of rec. Sept. 300 General Electric (gua)'.)
75e. Oct. 28 Holders of rec. Sept. 154
Pittsburgh Utilities. common
51
Nov. 1 Holders of rec. Oct. 10
Special stock (guar.)
15c. Oct. 28 Holders of rec. Sept. 156
Common (extra)
(r) Nov. I Holders of rec. Oct. 10
General Ice Cream Corp.. corn.(gust'.)..
Oct. 15 Holders of rec. Oct. 1
Preferred
334 Nov. I Holders of rec. Oct. 10
General Motors, 7% pref. (guar.)
Preferred (extra)
35 Nov. 1 Holders of rec. Oct. 46
234 Nov. 1 Holders of rec. Oct. 10
Six per cent pref.(guar.)
Nov. 1 Holders of rec. Oct. 44
Public Service Elec. Power, pref. (guar.) $1.71
35
Nov. 1 Holders of rec. Oct. 150
Six per cent debenture stock (qu.)...
Puget Sound Power & Lt., pref. (qu.)_
34 Nov. 1 Holders of rec. Oct. 44
151 Oct. 15 Holders of rec. Sept. 200 General Necessities Corp.
(monthly)._
Oct. 15 Holders of rec. Oct. 5
Prior preference (guar.)
154 Oct. 15 Holders of rec. Sept. 200
Monthly
Nov. 15 Holders of rec. Nov. 5
Quebec Power Co., common (quer.)
134 Oct. 15 Holders of rec. Sept. 30
Monthly
Dec. 15 Holders of rec. Dec. 5
Preferred (quar.)
154 Oct. 15 Holders
Stock dividend
e25
Dec. 31 Holders of rec. Dec. 20
Republic Ry.& Light,6% pref. (guar.). 134 Oct. 15 Holders of rec. Sept. 30
of rec. Sept. 30
General Outdoor Advertising
South Pittsburgh Water. 7% pf. (gu.)_
154 Oct. 15 Holders of rec. Oct. la General Refractories (guar.) , com.(qu.) 50c. Oct. 15 Holders of rec. Oct. 58
The. Oct. 15 Holders of rec. Oct.
Southern Canada Power, pref. (quar.) _
13-5 Oct. 15 Holders of rec. Sept. 250 Gimbel Bros.. pref.(guar.)
•1% Nov. 1 *Holders of rec. Oct. 7.
Southern Cities Utilities, pref. (guar.)._ 58 1-3c Oct.
15
10 Holders of rec. Sept. 15
C. G. Spring & BumperStandard Gas & Electric, com.(quar.)_ _ 75c. Oct. 25
Holders of rec. Sept. 300
Common
(in
corn. stk. on each 10 shs.) f2-10 Nov. 15 Holders of rec. Nov. 8
Prior preferred (guar.)
155 Oct. 25 Holders of rec. Sept. 30
Common (in corn. stk, on each 108118.) 13-10 Feb1527 Holders of rec.
Common (payable in common stock). /1-200 Oct. 25 Holders
Feb.8'27
of rec. Sept. 300 Globe-Wernicke Co., common
$1.50 Jan 127 Holders of rec. Dec. 20
Common (payable in common
United Gas Improvement. corn. stock). 11-200 Jan25 27 Holders of rec. Dec. 31a Gossard (H.\V.) & Co., cont.(m'thlY).- 33 I-3c Nov. 1 Holders of rec. Oct. 20
(guar.). 51 Oct. 15 Holders of rec. Sept. 300
Common (monthly)
Lock dividend
33 1-3c Dec. 1 Holders of rec. Nov. 19
Nov. 15 Holders of rec. Oct. 15a
Common (monthly)
United [,t.& Pr., old Corn., el. B& B(qu) €25
33 1-3c Jan 3'27 Holders of
Dec. 20
60c. Nov. 1 Holders of rec. Oct. 15
Gotham Silk Hosiery, 1st & 2d pf. (qu.) 134 Nov. 1 Holders of rec.
.
New common,class A & B (guar.)
roe. Oct. 153
_ 12c. Nov. 1 Holders of rec. Oct. 15
Great Western Sugar. corn.(guar.)
Washington Water Power, Spokane
$2
Oct 2 Holders of rec. Sept. 15a
2
Oct.
15
Holders
(qui
of
rec.
Preferred
Sept. 290
(guar.)
Western Power Corp., preferred
134 Oct. 2 Hold rs of rec. Sept. 154
(guar.)_
154 Oct. 15 Holders of rec. Sept. 300 Group No. 1 011 Corp
Western States Gas & Elec..
$750 Oct. 15 Holders of rec. Oct. la
155 Oct. 15 Holders of rec. Sept. 30
pref.(qui Guenther Publishing, preferred (guar.)
Western Union Telegraph
Nov. 16 Holders of rec. Oct. 16
2)4
(guar.)
2
Oct.
Holders
15
of rec. Sept. 250
Preferred (acct. accumulated dive.)
West Chester Street By.,
h23.4 Nov. 16 Holders of rec. Oct. 16
134 Dec. 1 Holders of rec. Nov. 21
Gulf States Steel, preferred (guar.)
West Penn Power Co.,6%pref. (guar.).134 Jan 227 Holders of rec. Dec. 154
pref.
134
Nov.
(quar.)_
1
Holders
of
Harbison
rec.
Oct.
I50
-Walker Refrac.. pref. (guar.). 134 Oct 20 Holders of rec. Oct. 94
Seven per cent, preferred
(guar.)
154 Nov. 1 Holders of rec. Oct. 150 Hartman Corporation, class A
nel itive oomwn,
50c. Dec. I Holders of rec. Nov. 17
(guar.)._
ero,npret
(quar.)(quar _ _ °$l.75 Nov.20 "Holders of rec. Oct. 31
rVoisirRailways,reP
Class A (guar.)
50c. Mar127 Holders of rec. Feb.15'27
750
Oct.
Oct.
16
7
to Oct. 15
Class A (guar.)
Preferred (guar.)
J'nel'27 Holders of rec. May 17
50c.
6250 Oct. 3 Oct. 4.22 to Oct. a;,()
Class B (guar.) in class A stock
(o) Dec. 1 Holders of rec. Nov. 17
Class B (guar.) in class A stock
Miscellaneous.
(o) Mar 127 Holders of rec. Feb 15'27
Class B (guar.) in class
Abraham & Straus, Inc., Prof.
(o) Jnel'27 Hold, of rec. May 17 '27
(guar.)._
15( Nov. 1 Holders of rec. Oct. 150 Hathaway Baking, pref . A A stock
Ahurnada Lead Cu.(quar.)
(guar.)
52 Oct. 15 Holders of rec. Sept. 30
734c. Oct. 4 Holders of rec. Sept. 280 Hayes Ionia Co.(monthly)
Extra
Nov. 1 "Holders of rec. Oct. 25
•I0c.
17 Sic Oct. 4 Holders of rec. Sept. 280
Monthly
Air Reduction Co.(guar.)
•100.
Dec. I "Holders of rec. Nov.25
$1.2 Oct. 15 Holders of rec. Sept. 300
Monthly
Extra
•10c. Jan l'27 *Holders of rec. Dec. 25
51
Holders
Oct.
15
of
rec. Sept. 300
Monthly
Allis Chalmers Mfg., pref.(guar.)
•10c. Febl'27 *Holders of rec. Jan. 25
155 Oct. 15 Iloiders of rec. Sept. 240
Monthly
American Art Works, corn. & Prof.
.10c. MarT27 *Holders of rec. Feb. 25
(go.) 15i Oct. 15 Holders of rec. Sept. 30
Hibbard, Spencer, Bartlett & Co.(mthly)
American Coal (guar.)
35e. Oct. 29 Holders of rec Oct. 22
$I
Nev. 1 Oct. 12 to
Monthly
Nov. 1
Amerada Corporation, common (guar.).
35e. Nov. 26 Holders of rec. Nov. 19
50c. Oct. 30 Holders of rec. Oct. 150
Monthly
American Hardware Corp.(quar.)
35c. Dec. 31 Holders of rec. Dec. 24
127
Holders
$1
Jan
of
rec. Dec. 160
Extra
Amer. Home Products Corp. (guar,),„
20c. Dec. 31 Holders of rec. Dec. 24
20c. Nov. 1 Holders of rec. Oct. 150 Hollinger Consol. Gold Mines
American Investment, corn
•Inc. Oct. 7 "Holders of rec. Sept. 21
Oct. 15 "Holders of rec. Sept. 21
Horn Silver Mines Co. of Utah
Amer. La France Fire Eng., corn.(qu.)_ *SI
3
Oct. 15 Oct. 2 to Oct. 15
Nov.
25e.
Holders
15
of rec. Nov. la
Howe Sound Co. (guar.)
Amer. Laundry Machinery. corn.
$1
Oct. 15 Iloiders of rec. Oct. la
(guar.) .75c. Dec. 1 *Holders of rec. Nov. 22 Hupp Motor Car.
Common (extra)
35c. Nov. 1 Holders of rec. Oct. 20.
corn. (guar.)
.25c.
*Holders
Dec.
1
of
rec.
Common (payable in common stock). /10 Oct. 15 Holders of
Nov., 22
Common (quar.)
rec. Oct. 50
Mar 1'27 •Holdersof rec.Feb.21'27
.51
Illinois Brick (utter.)
American Linseed, pref.(guar.)
2.4 Oct. 15 Holders of rec. Oct. 4
1% Jan 327 Holders of rec. Dee. 170 Independent 011 & Gas (gust.)
Preferred (quar.)
25c. Oct. 18 Holders of rec. Sept. 30a
1%
1'27
Hold,
Apr
of
red.Mar.I8 '270 Indiana Pipe Line (guar.)
American Mfg.. common (guar.)
$1
Nov. 15 Holders of rec. Oct. 22
134
31 Holders of rec. I)• . 17
Extra
Preferred (quar.)
$1
Nov. 15 Holders of rec. Oct. 22
134 Dec. 31 Holders of rec. Dec. 17
Industrial Finance Corp.,6% pref.(ME) 115 Nov. 1 Holders of
Amer. Roiling Mill. common (quar.)__ _
rec. Oct. 21
Hold
Oct.
500
15
rs of rec. Sept. 300
7% pref. and deb.stock (guar.)
Amer.Shipbuilding,common (quar.)..
155 Nov. 1 Holders of rec. Oct. 21
2
Nov. 1 Holders of rec. Oct. I50 Inspiration Consul. Copper (quar.)
Preferred (guar.)
50c. Oct. 4 Holders of rec. Sept. 164
1%
Nov.
Holders
1
of
rec. Oct. 15
Internat. Business Ma Miles (guar.)._ 75c, Oct. 11 Holders of
Amer.Steel Foundries, corn.(guar.)_ _
rec. Sept. 2444
75c Oct. 15 Holders of rec. Oct. 10 internat. Harvester. corn. (gust,)
13-4 Oct. 15 Holders of rec. Sept. 258
Name of Company.
I
THE CHRONTGLE
1732
Name of Company.
When
Per
Cent. sayanle
Boots Closed.
Days Inclusive.
[VOL. 123.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
r'
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 25. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Con Issued).
Oct. 15 Holders of reo. Sept. 2541
Internat. Match Corp., panic. pf.(qu.). 800.
14 Oct. 15 Holders of rec. Oct. la
Internat. Paper. 7% pref. (guar.)
114 Oct. 15 Holders of rec. Oct. la
6% preferred (quar.)
14 Jan 227 Holders of rec. Dec. 204
'Ratifinati 1)ept. Stores. firer ((marl
Nov. 1 Holders of ree. Oct. 1.86
75e.
Kayser (Julius) & Co.. common (quar.)_
32 4c. Oct. 30 Holders of rec. Oct. 96
Kellogg Switchboard & Soup. com•(111.) 14 Oct. 30 Holders of rec Oct. 06
Preferred (Suer.)
124c. Oct. 15 Holders of ree. Oct. la
Kerr Lake Mines. Ltd
Dec. 10
116 Dee. 10 Dec. 1 to
Kirby Lumber (Soar.)
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
1)6 Oct. 2 Holders of rec. Sept 17
• Laurentide Co. (guar.)
30
Sept.
of
Holders
rec.
27
50e. Oct.
(Slated In thousands of dollars-that is. three ciphers (000) milted.)
Lion Oil Refining (quar.)
900. Nov. I Holders of rec. Oct. 204
Liquid Carbonic.Corporation (guar.).
146 Nov. 1 Holders of rec. Oct. 184
_ I New 1
'Loose- Wiles Biscuit. 2,1 pest. (quard --- 2
Nov. 1 Holders of roe. Oct. 184
Lord & Taylor. 2d pref. (quar.)
IReservel
Oct. 15 Holders of rec. Sept. 306
650,
Ca pital Profits.1 Loans.
(l11.).
Cu.,
corn.
'llucAndrews & Forbes
rime Ilan*
306
Net
Sept.
of
rec.
Holders
Discount Cash I with
15
Oct.
I
114
Week Ending
Preferred (soar.)
1)e- Cirri:Legal Demand
in
June 30 Ineest14 Nov. 1 Holders of rec. Oct. 164
Nut'!.
1926.
2
Sept.
(quar.)
pref.
Co.,
&
H.)
Macy (R.
menu, Vault, Deposi- Deposits. punts. Raton.
of rec. Oct. la
Bitiders
30
15
June
Oct.
75e.
State.
.61 ma Copper Co. (quar.)
30
Sept.
I
tories.
ree.
etc.
of
Holders
30
2
Oct.
(000 emitted ) Tr.Cos.June
-51tinning. Maxwell & Moore (guard--- 14 Oct. 11 Holders of rec. Sept. 300
i'.4
Manufactured Rubber (nun.)
Average AVM
14 Oct. 18 Holders of rec. Oct. 3
Members of Fed. Res. Bank. Average.Average Average Average,
Maple Leaf Milling. pref. (guar.)
20
Sept.
rec.
$
of
3
250. Oct. 9 Holders
Bank of N Y
Mersey Oil Corporation
52.263 7.750
51 6,966
of ree. Nov. ISO
Holders
I
Dec.
12.996
She.
4.000
rUal
"Maytag Cu. (quar.)
131.968 26.1)23
50e. Nov. 1 Holders of rec. Oct. 20
Bk of Manhat'n 10.700 15.523 171.581 3.186 18,012
'McCall Corp., corn. (quar.)
82,294 3.763
76.757 1,686 10,976
14 Nov. I Holders of rec. Oct. 200 Bank of America 6.5111 5.136
McCrory Stores. pref. (quar 1
89
97.691
30'
Sept.
rec.
0683.593
of
72,877
6.710
655,331
Holders
20
Oct.
63.133
50.001
3
City._
National
Mexican Petroleum. corn. (quar.)
347
3,297
306
120,846
Sept.
1,402
rec.
of
16.232
144.469
Holders
20
Oct.
2
Chemical Nat.. 4.501 18.535
Preferred (quar.)
128,8.42 9,4811 4,949
144.490 1,863 17.462
Holders of rec. On. 1
15
Oct
13.095
7.501
50c.
Nat
(5L)
Ex-Pac
pref.
Am
Corp.,
Capital
Motion Picture
748 40.205 305.425 18.857
2. Oct. 15 Holders of rec. Oct. 1
Nat ilk of Corn 25.001 41.943 353.440
GUI( Oil(quar.)
155.168 43.595 6,051
Oct. 15 Holders of rec. Oct. 1
Chat Ph NB&T. 13.501 12.763 214,442 2.354 21,919
Extra
of rec. Nov. 30
532 13,317
100.987
Holders
118,169
15
Dec.
26,01)3
(Sc.
5.000
Nat.._
Hanover
Munyon Remedy Co.(quar.)
301
rec
Sept.
if
175.411 31.346
24.068
Holders
6.428
15
202,519
14.825
Oct.81
Corn Exchange 10.000
National Biscuit. e0fIlMorl (gnarl
121,388 7.258 3,513
780 15.1138
75c. Oct. 15 Holders of rec. Sept. 306 National Park . 10.000 24,152 169.713
National Cash Register, class A (quar.)Nov. la
.tf
rec.
38,195 17.465 1,434
Holders
1,630
5,568
58.962
15
Nov.
3.224
$1.50
3.000
R.
Bowery & E.
National Casket. 0.,11,111.,t1
14,168 6,472
1
Oct.
rec.
201.190
of
619
26.586
Holders
15
3111.314
14 Oct.
First National.. 10.000 74,876
National Fireproofing (quar.)
270.739 31.235 ...15 Holders of rec. Sept. 30
2.707 36.165
Oct.
300.1178
14,444
$1.50
17.500
T
Irving
(quar.)
Gas
National Fuel
440
Dec. 31
5,806
to
21
751
134
Dec.
7.969
127
Jun
3
1.239
JIM
Continental.. _ I
National Grocer, preferred.
Oct. 15 Holders of ree. July 286 Chase National 40,000 36,782 569,953 6.570 68,966 *531.252 31.232 1,767
National Lock Washer. (stock dividend) 50
7
......Sept.
of
rec.
24.878
3.276
Holders
2
870
14
26.590
Oct.
2.798
501)
Bin
Fifth 4venue
National Sugar Refitting (quar.)
10.18i3 4,451
S07 1.466
14.461
800 1.17d
12)4c Oct. 15 Holders if rec. Sept. 30
Commonwealth
New Bradford Oil (quar.)
631
17.107
Nov. 1 Udder. of me Oct. 140 Garfield Nat'l_. 1,0011 1,782
469 2.564
17.667
750.
(quar.)
corn.
Brake.
Air
York
'New
43
110.421 4.3117
50e. Oct. 16 H.,Idera of ree Oct. la Seaboard Nat'l
6.00to 10,415 123.715 1,020 15,377
' New York Transportation (quar.)
886 34.628 .279.367 42.432
600. Oct. 15 Holders lot ree. Oct. 1
BankersTrust.. 20.00)1 33.043 329.235
Newmunt Mining
Holders of rec. Sept. 30
52.865 5,515
20
7.359
Oct.
815
59,753
•I5e.
4.667
3.000
(quar.)
Tr.
&
Co.
S
U
Mtge
Niplming Mined
1,501 46,245 .403.788 53.300
Oct. 15 Holders of rec. Sept. 30
111
OulamntY Trust 25.000 23.251 423.030
•Ohio Brass. Cum.(quar.)
35,456 4.11/6
744 4.755
Oct. IS Holders of ree. Sept. 30
al
4.0011 3.1051 42.857
Fidelity Trust.
Common (extra)
143,151 18,168
15 Holders of rec. Sept. 30
450 19.221
Oct.
14
176.110
10.000
20
Preferred (quar.)
3110 New York Trust 10.000 19.493 142.523
18.829
Sept.
if
H.Itiers
rec.
15
*106.142
Oct.
554
14,065
2
Farmers L & T
Ohio Fuel Corp )quar.)
14 Nov. 1 Holders of rec. Oct. I5a Eaultable Trus 30,1101) 21,46s 265,497 1.538 30,651 •304,129 25.517
.011 Well Supply. preferred (quar.)
206
of
rec.
Oct.
1
Holders
Nov.
2-3
6
Orpheutti Circuit, Inc.. conk.(wonthlY)6 2-3 Dec. 1 Holders of ree. Nov. 206 Total of average 328.501 120.711 .203.325 47.184 575.615 c4.247.612 521.905 24.715
Mouthly
6 2-3 Jan 2'27 Holders of ree. Dec. 206
Monthly
Jan 2'27 Holders of rec. Dec. 1:4 Totals, actual condition ept.255.194.006 47,277 589.120 c4.254.429 519.485 24.621
2
' Preferred (quar.)
RI
$1.50 Oct. 15 Holders of rec. Sept 304 Totals, actual re miltiort
(quar.)
pt.18 5,204,023 43.344 540.385 c4.227.096 522.994 24
ommoo
Elevator,
Otis
,
Oct. 15 Holders of rec. Sept. 306 Totals, actual co edifier.
14
,171.667 49.432618.1132 c4.248.176 336.06024.673
referred (quar.)
Dec. 316
rec.
of
Holders
Jan15'27
14
Preferred (quar.)
20c. Oct. 30 Holders of rec. Oct 154
State Banks Not M. mbers f Fedi Reeve Bank
Packard Motor Car (monthly)
Nov. 30 Holders of rec. Nov. 15a
21,721 2.655
21)0
23.777 2.085 1,742
Bank 1,000 2,573
Monthly
Oct. 20 Holders of rec. Sept. 306 Greenwich
38.268 63.996
Bank.... 5,0(81 5,463 107,364 4.809 2,322
State
Tan Am.Petr.&Tran..com.&com.n(qu.) $1.50
Nov. 1 Holders of rec. Oct. LS
5
I)
(Canada)
(Nu.
Glass
Perfection
1
Oct.
20
c.
r
of
Oct.
Holders
59,989 66.651
14
4.1164
6,894
6,000 8.036 131,1411
Total of average
Plymouth Cordage. common (quar.)____
Oct. 20 Holders of rec. Oct. 1
2
I Common (extra)
iS.
to
Oct.
7
Oct.
Oct.
15
60.929 66.728
2o.
4.586
6.927
131,675
'ept.25
(guar.)
edition
Totals, actual c
Portland Gold Mining
Oct. 30 °Holders of roe. Sept.30
61,122 66.509
•2
Totals, actual condition Sept.18 132,299, 6.411 4.279
Prairie Pipe 1-ine (quar.)
Oct. 4 Holders of roe. Sept. 15
59,409 66,380
80.
4,407
6.839
ii
129.676,
o4.11...
Mining
edition
Board
ro
actual
Gold
Totals,
Premier
Iii
13
0
t.
o
15
Sept.
Oct.
2
(Sitar.)
Procter & Gamble Cu..8% prof.
Oct. 15 Holders of rec. Oct. 1
Not Mere b es of F ed'I Re s've Ba nk.
ores
Comps
Trost
Pro-phydac-tic Brush. common (Sar.). 50e.
39.647 1.607
14 Dec. 15 Holders of rec. Dec. 1
Title Guar & Tr 10.000 17,449 64.730 1,681 4.393
Preferred ((Mar.)
750
18.1178
Oct. 15 Holders of rec. Oct. 1
$1
927 1.781
22.583
3,287
3.001
Lawyers Trust
'Quaker Oats. common (Suer.)
1(4 Nov.30 Holders of rec. Nov. 1
Preferred (Suer.) .
206
2.357
Nov.
1
of
Holders
57.725
rec.
Dec.
3
6.174
2.608
87.313
20.732
(quell
13,000
Total of average
.Quissett. Mills. preferred
Oct. 9 Holders...I rec. Sept. 20
Itand-Eardex Bureau. Inc.. corn.(quar.) 750.
57.052 2,395
14 Oct. 15 Holders of rec. Oct. l
Totals, actual edition ept.25 86.994 2,471 6.119
'Remington Noiselese Typew.. pref (qu.)
1,f ree. Oct. IS
Holders
58.349 2.354
I
Nov.
:47140.
87,679 2,550 6.168
Totals, actual ci edition Sept. 18
Klee-Silk Dry Goods. common (quar.)
57.392 2.386
Oct. IS Holders of rec. Sept. 301 Totals, actual no edition I ti.n•
$1
86.780 2.612 6.263
(guar.)
Co.
Cable
Safety
Dee. 20
Dec. 211 Dee. 10. to
50e.
St. Joseph Lead Bluard
51)0.91324.71(1
4.365.326
Deo. 20
585.853
Dec. 20 I hso 10 to
56.686
2.50.
0r'd aggr., mute 347.500549.4926.421.779
Extra
-7.936 -411-2,435 -36.713-2.863 +64
-- •114 Nov. 15 *Holders of rec. Nov. 1
Comparison wit 11 prey lweek
Savage Arms,second preferred (quer.)
306
Sept.
of
20
Holders
Oct.
rec.
30o.
stk.)
5%
,
2
is
Safer/we Corp. (30c. Mill
56,675509.825 4.372.410 588.608 24.621
1St Out 25 H.Mlers of rec. Sept 30
Sheffer Oil & Refining. oref (quar.)• -- 50c. Oct. II Holders of rec. Sept 20a Ord aggr., act' condm Sept.255.412.675 +4.370+48993 +25.843-3.240 -70
-11.326
Comparison with prey. week
Shattuck (Frank O.) Co.((mar.)
311
Sept.
of
10
Holders
Oct.
ree.
2
(tu.)
Smith (Howard) Paper Mills, prof
Oct. 30 Holders .if ree Oct. 15a Ord aggr., act(condo Sept.185.424.001 52.305550,832 4.346.467 591.8.57 24.6117
SI
Soul here Wirt.... Inc • class A 1111Dir I
24.673
14 Oct. 15 Holders of rec. Sept.30
.388.423 58.883628,71i2 4.364.97711115.426 24.583
Ord aggr., ace(cond'n
-Spanish Riv.Pulp& Pap.,elan.& pf.(qu.)•
4,350.736 622.037
Oct. 5 •11:thiers of rec. Sept. 26
cond'n opt. 4 .4111.265 53,394.564,2117 4.352.928 625.545 24.11117
Gr d agge,
Meitner Oil (extra)
•1110. Oct. 5 Holders of rec. Sept, 25
55.517 585,164
5.397.621
AnIn
2g
Gr'd
agrr.,
condo
fur/
Extra
30e. Nov. 1 Holders of rec. Oct. 15a Gr'd aggro, ace!road'n Aug. 216.351.527 54,565 597,841 4.311).11411623,263 24.510
Telautograph Corporation, common
4.304.732632.832 24.3015
136 Oct. 11 Holders of rec. Sept. 31)
Ord ages., aet eona.n A IC 14,368,937 53.072578.2:4
Preferred (quer.)
Oct. 25 Holders of rec. Oct. fai
20
Tenon Oil & Land
in the general Wadi
nits
doe
Oct.
2341
1
of
Holders
demand
rec.
Nov.
net
from
30a.
Note.-U. S. deposita deducted
Thompson (J. R.) Co.(monthly)
30e, Deo. I Holders of rec. Nov. 236 above,were as ft) lows: Average t•ital Sept. 25, 655,836,000. Actual totals Sept 25.
Monthly
Sept 4, $13,1171.000:
20
Nov.
:
of
000
rec.
*Holders
I
.
9
Dec.
6
•154
$13.11
II.
Sept.
655.837010:
(guar.)
855.838.000: Sept. 18.
Thompson Products. pref.
rediscounts, acceptances
. ((luer.). 30e. Nov. 1 Holders uf rec. Sept. 1(6 Aug.28, $13.1174.000: Aug 21, 316,226,000. Bills payable, Sept. 18. $588.078.1100:
Tidewater AM./elated Oil.
.
$1.75 Oct. 15 Holders of ree. Sept 27
and other II:Militia% average for week Sept. 25. 85.17.010,1100
Tobacco Products Corp.. cum (quar.).. 7 tic. Oct. 21 ort
: Aug 21. ;575.$558.334.1101)
7
I
to 0-i
28.
Aug.
.
8570,984.000
Sept. 11. 8593,1117.060: Sept. 4.
Tonopah Mining
8574.043.000. Sept 11.
1
Oct. 15 Holders of rec. Sept. 30
063.000. Actual totals Sept.. 25, $604,522.000. Sept 18. .
'Puckett Tobacco. corn. (quar.)
$572,363.000
Oct. 15 Holders of rec. Sept. 30
14
28.
Aug.
:
$582.590.000
4.
: Sept.
Preferred 'quar,)
Oct. 30 H inters of rec. Sept 300 $625.362.000
5
total footing as Mitten:
• Includes deo tilts in f /reign branches not Included In
United Profit sharing Corp., pref
62140 Oct. 5 Holders of rec. Sept. 14
Bank. 310.583.000. Bankerm,
paned shoe Machluery. cum. (qua.)
National City Book. $164.7 17.500: Chase National
Oct. 5 Holders of rec. Sept 14
Farmers' Loan & Trust
Si
365,350.000.
Common (extra)
Trust Co.. 824,945.090: Guaranty Trust Co..
37(40.Oct. 5 Holders of rec. Sept. 14
Co.. 682.455.000. Balances carried in batik in
Preferred ((oar.)
1 H titters td rec. Oct. 60 Co., $3.105,01)(1: E.biltable Trust deposits wore: National City Batik. $25.18)5.000;
Nov.
750.
(quar.).
Mining
as reserve fit. such
United Verde Extension
2(4 Dee. 15 Holden; of rec. Dec. la foreign countriesBalk. 81.916.000: Bankers Trust Co.. $1.267.000: Guaranty Trust
U.S. Cast Iron Pipe & Fdy corn. ((lU.).
14 Doe. 15 Holders If rec. Dec la Chase Nutional
Co.. $3.105.000: Equitable Trust Co..
Preferred (quar.)
of rec. Sept.300 Co., 51.834.111.10: Farmers' Loan & Trust
Holders
15
Oct.
14
(guardU.S. Industrial Alcohol. pref.
116.784.11110.
*350. Oct. 15 *Holders of rec. Oct. 1
included.
not
' 13. S. Radiator. common triune.)
branches
C Deposits In foreign
•134 Oct. 15 •Holders of rec. Oct. 1
Preferred (quar.)
14 Nov. I li.iders of rec. Oct 154
Universal Pipe & Radiator. pref. (quail 871 Nov. I Holders of moo. Oct. 1134
The reserve position of the different groups of institutions
4c
Vick Chemical (quar.)
75c. Oct. 15 Holders Id rec. Oct. I
on the basis of both the averages for the week and the
Vivutalou (V.), Inc.. corn. (quar.)
Noe. I Holders of rec. Oct. 15
$1.75
Preferred (quar.)
acCual condition at the end of the week is shown in the
Oct. 10
14 Oct. 20
Vulcan Delltirilmt. pref. & prof A (quar.) 82
Oct. 10
Oct. 20
following two tables:
Preferred (account Yeet1111
15
of
Holders
Sept.
rec.
2
Oct.
II
Walltir040 C011oll Co. ((liter
500. Oct. 2 Holdens of rec. Sept. 164 STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Werner-Quinlan Co...
14 Dec. 1 Holders of rec. Nov. 15
(Suer.)
AND TRUST COMPANIES
Weber & Heillirtmer, preferred
.11.51 (Jet. 5 •Holders IuI roc Sept. 25
)
(moor
(ill
West Coast
14 Oct. 15 Heiders of rec. Sept. 30
(QU)
new
pref
Western Grocere(Canada).A & IS ('tu.) .50e. Oct. 15 •littirm
i
:t
s
r
f
ee
r
f
Averages.
.
ee.
S40
11.11,
Western Paper(beers Co
81.7 Oct. 31 Fi
'Westiterhouse Air Itruke (guar./
304
of
3(1
Holders
Reserve
Sept
rec.
Oct.
Cash
Si
'Weetinghouse litre & :Mfg .c .(guar.) Si
Surplus
In
Reserve
()et. 15 Holders Iif rec. Sept 300
Total
lieserre
.......
Preferred miter.)...... •
Reserve.
Required
50e. Oct. 2( Holders of rec. S.rd. 304
In Vault Depositaries Reserve
White Eagle Oil & Refitting (tome)
.211
Oct
td
Holders
rec
I
NoV.
25e.
Wrigley (Wm.) Jr & Cu. tmenthly).-- - 250
'$
Dec. I Holders f ree Nov. 20
Federal
Members
Monthly
575.615.000 575,615.000 567.846.710 7.768.290
Reserve ball
159.1180
6.894.000 4.0114.000 10.958.000 10.71)8.1120
Stork Exchange has ruled that stock
York
bunks*
Mate
New
The
t
swum§
• From unofficial
123.250
2,608.013) 6.174.0el1 8,782J:110' 8.658.750
mi,ntice. I The Trost companies
and not Umitin fu In
---.44,111 not Pe (1110ted extrlivklend ott thie date
ruled I itut Stock will not be quoted ex8.05 1.520
Sept 25.... 9,502.1190 585.853.000 595.355.1'00 587.303.131)
New York Curt. Market AteriSrittl hull tuniS
notice
Total Sept 18 ..... 11.338.))110 588,288.000 597.1126,0131 5o2.2 Ii. i io 5.414.801/
dividend on this dare and not moil further
8.503.000 583.156.1100 592.72 1.1114 587.0 I I ,s60 4.9119,140
T.ti al Sept. 11.
e Payable In stock.
Correetion.
4
dividend
Total Sept 4.... 9,131.000 588.085.000 597.216,o00 590,539.080 6.676.1120
this
for
not
books
Homest
a Transfer
S On account of accumulated
u Playable in eerie.
f Pnyuble In e.....111011 ultuuik
• Not members of Federal Reserve Bank.
Minks
:divide...15 at Puyable lit preferred sloek
b This Is file reserve resulted on net detnand deposits in the ease of State Batik
and trust e0111pSiliel. but in the case of men/bars of the Federal Reserve
stock for each share held.
I Al the rate of 2)4% of one share of Clam A
iftelmkn also untount of reserve required on net time deposits. which was Uri fonorOr
stock for each Shure 11 class B stock. Sept. 25. 415.657.1511. Sept. 18. 815,749.010:Sept. 11.816.240.1326: Sept. 4.816.681.
a At the rate uf one-fortieth Share of clam A
200. Aug. 28. 616.633.710.
stuck is 5187 500.
cowmen
Utilities
Pittaleurgb
on
dividend
Jo Extra
OCT. 2 1925.]
THE CHRONICLE
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_
State banks*
6,927.000
2,471,000
Truss compastes*_
Total Sept. 25_ _ _
Total Sept. 18.—
Total Sept. 11.._
Total Sept. 4._ _
Total
Reserve.
a
Reserve
Required.
1733
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
$
589,120.000 589,120.000 568.660,320 20,459,680
4,586.000 11,513.000 10,967,220
545,780
6.119,000 8.590.000 8,557.800
32,200
9,398,000 599.825,000 609,223.000 588.185,340 21,037,660
8,961,000 550,832,000 559,793,000 584.966.610 -25,173,610
9,451,000 628.702.000 638,153.000 587,665,100 50,487,900
9.186.000 564.267,000 573,453.000 586,303,440 12,850,440
• Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Sept. 25, 815,584,550: Sept. 18, 815,689,820: Sept. 11. 816,099,800: Sept. 4,816,602,000.
Sept. 23
1926.
Capital
Surplus and profits_ _
Loans. disets & bayed_
Individual deposits
Due to banks
Time deposits
United States deposits_
Exchanges for Crg H'se
Due from other banks
Res've in legal deposles
Cash in bank
Res've excess In F.R.Bk
Changes from
Previous Week.
sees. 15
Sept. 22
1926.
1926.
$
8
$
8
69,500,000 Unchanged
69.500.000
69,500.000
94,002,000 Unchanged
91,002.000
94.022,000
1,081,943,000 Inc. 12,122.000 1,069,221.000 1,057.799,000
882,679.000 Dec. 7.034.000 689.713.000 687,866.000
122,725,000 Dec. 5,526,000 128.251,000 129.450,000
237,190,000 Dec. 5,608.000 242,798.000 245.226,000
36,682,000 Inc.
102.000
36,580.000
18,160,000
22,321,000 Dec. 2,733,000
25.054.000
26.589,000
73,891,000 Dec. 7,428.000
81.319,000
79.993.000
80.068,000 Dec. 568.000
80.636,000
80.881,000
10,574,000 Inc.
275.000
10,299.000
10,405.000
298.000 Dec.
75.000
373.000
514.000
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
Philadelphia Banks.—The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Sept.25, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES
IN GREATER
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT
requirements for members of the Federal Reserve System
.
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences from
Sept. 25.
Previous Week, to be kept with the Federal Reserve Bank. "Cash in vaults"
Loans and investments
$1,194,383,700 Dec. 81,293.000 is not a part of legal
Gold
reserve. For trust companies not mem4,371,900
Deo.
70,900
Currency notes
22,110,900 Dee. 1.606.600 bers of the Federal Reserve System the
Deposits with Federal Reserve Banks of New York_ 94,502,300
reserve required is
Dec.
1,846,900
Total deposits
1,211,640,700 Inc. 6,660,100 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve depositaries and from other banks and trust comdepositaries" and "Cash in vaults."
panies in N.
Y. City, exchange, & U. S. deposits1,143,204,600 Inc.
12,061,200
Reserve on deposits
159.082,300 Dec. 5,934,400
Percentage of reserves, 20.1%.
RESERVE.
State Banks—
—Trust Companies—
Cash in vault
•839,324,900 15.90%
881,660,200 15.09%
Deposits in banks and trust cos. _ _ 11,5,8,000 04.68%
26,509,200 04.89%
Total
850,912,900 20.58%
5108.169,400 19.98%
•Includes deposits with the Federal Reserve Bank of New York,
which for the
State banks and trust companies combined on Sept. 25 was $94,502,300.
Banks and Trust Companies in New York
averages of the New York City Clearing HouseCity.—The
banks
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of and
the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND
TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Demand
Deposits,
Total Cash
in Vaults.
Reserve in
Depositartes.
$
s
3
722.498.600
736.347,100
728.322.700
727.750.500
715,419,000
754,610,700
736.547.200
730.145.100
702.008.100
723,588.600
727,017.80C
712.571,100
709,242.000
708.699.500
105.865.30(
713,794,79(
725,144.400
715 459 Knt
s
Week Ended—
May 29
June 5
June 12
June 19
June 28
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Sept.11
Sept. 18
Sept. 25
6,521,167,600
6,587,304,700
6,523.491,400
6.526.804,700
6,513,234,700
6,680,126,900
6.690,909.700
6,590,587,300
6,484.762.300
6.568,161,000
8,649,515,100
6,574.966.900
6.544.607.200
6,538.084.700
6,588,168400
6,593,206.900
6,625.391,700
6.616.162.700
5,540,622,800
84,670,600
1,585,988.300
83,233,000
5,560.053.300
85,162.900
5.557.458,800
81,127,100
5,506,256.100
81,499,400
5,701,049,700
85.751,100
5,619,613.100
89.326.100
5.537.899.000
87.442.700
5.511.878.400
81.662,300
5.497.566.600 . 82.039.100
5.562,538.500
81,793.500
5.7 0,305,900
83,952,500
5,437,978,000
80,536.800
5.522.021,300
82.328.600
5,512,541,300
83,086,700
5.569.556.300
87.287,200
5,607,019,600
85.257.300
5_576.988.700
83.1118.800
New York City Non-Member Banks and Trust
Companies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are
not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW
YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers (0001
matted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Sept. 25 1920.
Members of
Fed'I Res've Bank.
Grace Nat Bank_
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ms_
Colonial Bank
Loans,
DUNet
counts,
Profits. Investments,
&c.
Average. Average. Average. Average
lAverage.
$
$
$
3 1
13,586
61
1,150
7,664
3,869
1.000
1,883
1
1,883
13,586
61
1,150
7,664
3
:869
300
1,200
1,060
2,990
9,880
33,849
828
3,600
390
1,733
6.707
28,855
2,885
5.200
4,050, 43,7291
4,328
2,123
35,562
8,085
3,360
5,941
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr., Bayonne
1
610
Total
I
Reserve
with
Net
Net
in
Legal Demand Tintli
Vault. Deposi- Deposits.i Deposits
tories.
Cash
Grand aggregate_
3.000
Comparison with prey. week
9,257
445
610
9,257
445
6,545
1
66,572
+486
4,834
--110
71
a
67
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's_
Reserve with F. R.Bank
Cash in vault
Total reserve & cash held_ _
Reserve required
Excess res. & cash in vault
3,360
5,941
17,895
+62
17,833
17.794
17,730
17,713
Week Ended Sept. 25 1926.
Membersof Trust
F.R.System Companies
49,975,0
150,610,0
951,342,0
32,878,0
102,392,0
135,276,0
623,469,0
153,266,0
912,011.0
68,512,0
10,359,0
78,871,0
68,653,0
10,218,0
5.000.0
17,605.0
48,609,0
291,0
16.0
835.0
28,381,0
2,142,0
31,358,0
3,108,0
1,496,0
4,604,0
4,443,0
161.0
1926
Total.
54,975,0
168,215,0
999.951,0
33,169,0
102,408,0
138,111,0
651.850.0
155,408,0
943.369.0
3,108,0
68,512.0
11,855,0
83,475,0
73,096.0
10,379,0
Sept. 18
1926.
Sept. 11
1926.
54,975,0
168,215,0
994.637,0
37,368.0
111,039.0
140,394.0
660,520,0
158,156,0
957.070.0
4,299,0
68.400,0
11,837,0
84,536,0
73,518,0
11,018,0
54,975,0
168.215,0
990.250,0
31,313,0
96,553,0
137,017,0
654,064.0
154,356,0
945.437,0
3,109.0
69,928,0
11,578,0
84.615,0
74,018.0
10,597.0
• Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
—The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept.29 1926 in
comparison with the previous week and the corresponding
date last year:
Sept. 29 1926. Sept. 221926. Sept.301925.
Resources—
$
Gold with Federal Reserve Agent
292,037,000 292,143,000 300,609,000
Gold redemp. fund with U. S. Treasury- 14,017,000
10,595,000
13,886,000
Gold held exclusively agst. F.R.notes. 306,054.000
Gold settlement fund with F. R. Board_ 312.085.000
Gold and gold certificates held by bank_ 366,075,000
302,738,000
303,823.000
381.333.000
314,495,000
260.222.000
339,641,001
Total gold reserves
Reserves other than gold
987,894.000
25,765,000
914,358,000
24,771,000
Total reserves
1,010,068,000 1,013.659,000
Non-reserve cash
13,230,000
13,743,001
Bills discounted—
Secured by U. S. Govt. obligations— 136,235,000 119,440.000
Other bills discounted
61.405.000
69.412,000
939,129,000
17.083,000
Total bills discounted
Bills bought in open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of indebtedness
984,214,000
25,854.000
148,922,010
80,138,000
197,640,000
51,172,000
188.8.52,000
45,915,000
229,060,000
28,753,009
4.772,000
24,484,000
26,804,000
1,822.000
27,048,000
26,094.000
1,257,000
73,737,000
4,299,000
56,060,000
54,964,000
79,293.000
2,754.000
Total bills and securities (See Note)
304.872,000
289,731,000
339,860,000
Due from foreign banks (See Note)
Uncollected Items
Bank premises
All other resources
648.000
168,349,000
16,740.000
2,370,000
648,000
184.701.000
16.739.000
2,192,000
639,058.
143,759,000
17,161,000
3,354,000
Total U. S. Government securities
Foreign loans on gold
Total resources
1,506,277,000 1,521,413.000 1,460,985,000
Liabilities—
ReiL
iers—
abil
ve notes In actual circulation_ 374,187,000
Fed')
Fe
Deposits—Member bank, reserve accl
862,528,000
Government
15,835,000
Foreign bank (See Note)
6.182,000
Other deposits
8,392.000
373,635.000
857,977,000
28,634.000
6.292.000
8,932.000
355,684,000
863,184.000
7,753,000
6,084,000
9,108,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
901.835.000
148,620.000
35.746.000
59,964,000
3.613,000
886,129,090
124,914,000
31,953.000
58,749,000
3,556,000
Total liabilities
3,340 1146,586
--1 --380
ord ear., Sept. is:----;
3,000
6.545 66.086
4,944; 3.341 a46.966
orti aggr., Sept. 111
3.000
6,545 66.097
3.423 .48.202
4,973
3.
Gr'd aggr.. Sept. 4
6.545 64.931
3.397 844.902
4,828
3,000
Gr'd aggr.. Aug. 28
6.545 64.646
4.501
3.301 a44.337
a United States deposits deducted, 174,000.
Bills payable. rediscounts, acceptances. and other liabilities. 52,054,000.
Excess reserve. $59,660 decrease.
Two Ciphers (00)
omitted.
892,937,000
139.726,000
35,703.000
59 964,000
3,760.000
1,506.277.000 1,521,413.000 1.460,985,001
Ratio of total reserves to deposit and
79.7%
Fon Res've note liabilities combined.
79.5%
75.6%
Contingent Liability on bills purchased
12,663.000
for foreign correspondenta
12,491,000
8,863,00e
NOTE.—Beginning with the statement of Oct. 7 two new items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition. the Caption. All other earning assets,"
made up of Federal intermediate credit bank debentures, has been changednow
to
"Other securities," and the caption. "Total earning assets" to "Total
bills and securities." The latter term has been adopted as a more accurate description
of
the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which are the only
items included
herein
[VOL. 123.
THE CHRONICLE
1734
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday,afternoon, Sept. 30,and showing the condition
system
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the
year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for
latest week appears on page 1699, being the first item in our department of "Current Events and Discussions."
OF BUSINESS SEPTEMBER 29 1926.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
Sept.301925.
Sept. 29 1920. Sept. 22 1926. Sept. 15 1926. Sept. 8 1926. Sept. 1 1926. Aug. 25 1926. Aug. 18 1926 Aug. 111926.
$
8
$
$
$
$
$
$
$
RESOURCES.
1,381,941,000
1,359,115,000 1,384,679,000 1.429,247,000 1,408,431,000 1,395,311,000 1,442,912,000 1,453,356.000 1,453,356,000
Gold with Federal Reserve agents
54,197,000
55,153,000
49,729,000
53.622.000
61,936,000
53,954,000
61,894,000
58.339.000
65.555,000
Gold redemption fund with U.S. Tress..
1,448,933,000 1,498,065,000 1,515,292,000 1,503,085,000 1,436,138,000
Gold held exclusively agst. F.R. notes 1,424.670,000 1.443.018.000 1,491,141,000 1,462,385,000 732,717,000 681,297,000 661,402,000 674,266,000 736,603,000
Gold settlement fund with F.R.Board- 762,134.000 743,656,000 696,619,000 734,727,000 646,661,000 661,244,000 657,629,000 659,833,000 587,226,000
634,353,000
644,901,000
639.323,000
held
banks_
620,337.000
by
certificates
gold
Gold and
2,759,967.000
2,807.141,000 2.825,997.000 2,832,661,000 2,831,465,000 2,828,311,000 2,840,606,000 2,834,323,000 2.837.184,000 105,567,000
Total gold reserves
130,113,000 131,643.000 132,404,000 130.501,000 138,032,000 137,281,000 137.897.000 137,433,000
Reserves other than gold
2,865,534,000
2,937,254,000 2,957,640,000 2,965,065,000 2,961,966,000 2,966,343,000 2.977.887,000 2,972,220,000 2,974,617,000
Total reserves
52,918,000
48,189,000
49,328,000
51.968,000
50.812,000
45,483,000
52,352,000
52,275,000
49,838,000
Non-reserve cash
Bills discounted:
320,675.000 291.408.000 268,161,000 289,027,000 316,794,000
324.831,000
268,609.000
319,076.000
365.993,000
U.S.
Govt. obligations
Secured by
316,394,000
350,637,000 342,560,000 296.926,000 289,436,000 306,673,000 279,230,000 266,383,000 259,984,000
Other bills discounted
633,188,000
570,638,000
849,011,000
626,348,000
534,544,000
614,267,000
565,535,000
661.636,000
716,630.000
Total bills discounted
268,310,000
275.623.000 270,407.000 262,480,000 265,984,000 253,481,000 254,616.000 254,122,000 230,968,000
Bills bought in open market
TJ, S. Government securities:
55,658,000
45,632.000
83.351,000
45,605.000
84,209,000
45,459,000
49,093,000
51.409.000
55,322,000
Bonds
268.155,000
138,305.000 146.213.000 147,435,000 220,418,000 217,702,000 216,956.000 217,102,000 223,959,000
Treasury notes
19,093,000
58,629.000
58,372.000
55,657,000
58,617,000
46,407,000
291,493,000
107,546,000
108,414,000
Certificates of indebtedness
342,906,000
321,217.000
365.682,000
360.018,000
302.041,000 305.168,000 488,021,000 312,284,000 318,964,000
Total U. S. Government securities
2,420,000
3,700,000
3.200,000
3,700,000
3,200,000
3,700,000
3,700,000
3.700,000
3,700.000
Other securities (see note)
10.200,000
Foreign loans on gold
1,202,493,000 1,150.171,000 1,151,884,000 1,148,861.000 1,257,024,000
1.297.994.000 1.240.911.000 1,319,736,000 1,196,235,000
Total bills and securities (see note)
639,000
693,000
684,000
744,000
681,000
669,000
648,000
648.000
648,000
Due from foreign banks (see note)
667,549,000 620.052,000 616,510.000 701,434.000 630,072,000 655.053.000
895,695,000
749.939.000
675,918,000
Uncollected items
61,401,000
59.931.000
59,896,000
59.931,000
59,914,000
59.938,000
59,991,000
60.001.000
60,007,000
Bank premises
17,700,000
16,626.000
17,539.000
16,696,000
17,992.000
16,754,000
13,476,000
13.901,000
13,704,000
All other resources
4.905,540,000
4,874,736.000
4,915,587,000
4,883,637,000
4,954,937.000
4,948,594,000
5,306,963,000
5,035,363,000 5,075.315,000
Total resources
LIABILITIES.
1,685,114,000
1,716.466,000 1,716,087,000 1,724,068,000 1.746,524,000 1,702,902,000 1,692.637.000 1.685.791,000 1.682,214,000
F. R. notes In actual circulation
Deposits2,223,902,000 2,203,634,000 2.315,239,000 2,225.644,0002.209.937.080
2,207,185,000
2,369,136,000
2,230,591,000
3,248,876,000
account
-reserve
Member banks
31,302.000
25.618,000
15,202.000
32,857.000
24,326,000
5,565,000
4,084,000
67.613,000
51,703,000
Government
7,530,000
7,646 000
12,436,000
10,793,000
15,166,000
11,339,000
15,041,000
14.840,000
11,829,000
Foreign banks (see note)
19,210,000
16,291.000
16,237,000
18,926,000
16.570,000
18,235,000
28,485,000
18.959.000
17,978,600
Other deposits
2,267,979,000
2,330,386,000 2,332.003,000 2,417,346,000 2,242.324,000 2,282,320,000 2,257,979.000 2,272,321.000 2,267.876,000 (.03,977,000
Total deposits
624,068,000 663.202,000 802,314,000 596.902,000 568,299,000 561,967.000 635,591,000 572,872.000 116,440,000
Deferred availability items
123.108.000
123,467.000
123,490,000
123.441,000
123,796,000 123,839,000 123,787,000 123,711,000
Capital paid in
217,837,000
220,310,000 220,310,000 220,310,000 220.310,000 220.310,000 220.310.000 220,310,000 220,310,000
Surplus
14,193,000
18,376.000
17,257,000
18,266,000
17.483.000
18,823,000
19,138,000
20,337,000
19,874,000
All other liabilities
4,905,540,000
4.883,637,000
4,874.736,000
4,915,587,000
0
4,954,937,000
4,048,594,000
5,306,963,00
5,075,315.000
5,035,363,000
Total liabilities
Ratio of gold reserves to deposit and
69.8%
71.9%
71.8%
70.9%
71.6%
71.4%
68.5%
69.8%
69.3%
F. R. note liabilities combined
Ratio of total reserves to deposit and
72.5%
75.4%
75.3%
74.4%
75.1%
74.3%
71.6%
73.1%
72.6%
F. R note liabilities combined
Contingent liability on bills purchased
33.581,000
50,807,000
44,875,000
47,785.000
49,776,000
44,824,000
44,228,000
45,124,000
45,296.000
for foreign correspondents
-$
$
IS
$
$
$
$
$
$
Distribution by Ma•'sines85,686,000
70,754.000
72.070,000
68,967.000
68,190.000
90,732,000
81,131,000
88,824.000
83,679,000
1-15 day bills bought in open market
456,632,000 462,142.000 410.640.000 378,798,000 394,322,000 488,986,000
409,370,000
559,138,000
494.841.000
discounted
bills
days
4,409,000
1-15
730,000
337,000 192,000,000
750,000
1-15 days U. S. certif. of indebtedness_
49,306.000
1-15 days municipal warrants
46,397,000
50,599,000
52.228,000
52,065,000
49.831,000
49,684,000
55.581,000
55.497.000
market_
open
in
bought
36,430,000
16-30 days bills
31,334.000
34,495.000
32,775,000
42.356,000
46,671.000
50,160,000
44.123,000
46,492,000
16-30 days bills discounted
16-30 days U. S. certif. of indebtedness_
warrants
65,989.000
16-30 days municipal
66,224,000
74,810,000
74,669,000
67,797.000
65,387,000
63,460,000
73,136,000
70,409,000
59,502,000
31-60 days bills bought In open market_
62,574,000
67,667,000
71,868,000
69,268.000
66,823.000
62,940,000
63.744,000
69,102.000
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
55,955,000
81-60 days municipal warrants
41,023,000
52,158,000
47,931,000
55,138.000
48,682,000
56,445,000
50,171.000
51,565.000
41,776,000
61-90 days bills bought in open market_
46.688.000
43,717,000
42,803,000
42,264.000
36,325,000
35,802,000
43,619,000
45,354.000
1,746,000
61-90 days bills discounted
38,853,000
39,138.000
61-90 days U. S. certif. of indebtedness_
11,374,000
61-90 days municipal warrants
6,570.000
8,365,000
7,718.000
9,514.000
11,352,000
11,760,000
7,995,000
9,173,000
6.494,000
Over 90 days bills bought in open market
14,093.000
11,587,000
10,832.000
10,318,000
7,816,000
7,263,000
6.006,000
5.847,000
12,938,000
Over 90 days bills discounted
58,372,000
58,617,000
58,629,000
55,657,000
45,677,000
34,463,000
68,811,000
68,071.000
Over 90 days certif. of indebtedness
Over 90 days municipal warrants
2,863.816.000 2,871,780,000 2,865,326,000 2,856,503,000 2.849,660,000 2.940,580.000
F. R. notes received from Comptroller 2,919,203.000 2.923.810.000 2,912,691,000
839,866,000 960,287,000
853,802,000 856,912,000 841,328.000 807,709,000 835,734,000 837,424,000 844,024,000
F. R. notes held by F. R. Agent
1,980,293,000
2.009,794,000
2,012,479,000
2,027,902,000
2,036,046,000
2,056,107,000
2,065,401,000 2,066,907,000 2,071.363,000
Issued to Federal Reserve Banks
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
- .
306.633,000
95.579.000
956,903.000
953,368,000
306.634.000 304.134,000 304.134,000
92,072.000 102,055,000
107.211.000
970,834,000 1,033,041.0001,002.242,000
895,994,000 800,852,000 855,953,000
300,983,000 300,983.000 300,984,000 300.982.000
96.509,000
105,023,000 102.911,000 103,221,000
989,305,000 1,039,018,000 1,049,151,000 1,055,865,000
855,009,000 798,336,000 760,119,000 751,834,000
307,731,000
115.490,000
958,720,000
860,064,000
ens
n -n A WI nnn o oon leto nnn n nnn nnn nnn 9 911.1 05.1 nnn 9 OSA •190 AM 9 9&1 9.15i non 9 912 475 nun 1 min 150 111111 1 7.17 AA%
order to show separately the amount of balances held abroad and amounts duo
in
added
new
two
1
1925,
were
ems
7
Oct.
of
statement
the
NOTE.-Beginning with
to "Other
"All other earn ng assets," now made of Foreign Intermed ate Credit Bank debentures, has been changed
to foreign correspondents. In addition, the caption,
securities." The latter item has been adopted as a more accurate description of the total of the
Securities." and the caption. "Total earning assets" to "Total bills and
Reserve Act, which are the only items Included therein.
Federal
the
of
14
and
13
the
Sections
under
acquired
of
provisions
securities
discounts, acceptances and
•Revised figures.
EACH OF THE 12 FEDERAL RESERVE BANNS AT CLOSE OF BUSINESS SEPT. 29 1926„
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Two ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
$
RESOURCES.
133,200,0
Gold with Federal Reserve Agents 9,839,0
Gold red'n fund with U.S. Tress_
Gold held excl. agst. F.R. notes 143,039.0
Gold settle't,fund with F.R.Board 32.468.0
29,827,0
Gold and gold certificates
P TOtal gold reserves
Reserves other than gold
Phila.
2,807,141,0
984,214,0 178,808,0 291.055,0 90,932,0 155,907,0380,425,0 54.234.0 69,296,0 102,298,0 55.383,0 239,255,0 130,113.0
25.854.0 7,109,0 9,711,0 6.639,0 9,886,0 21,251,0 14,641.0 3,260,0 5.111,0 7,692,0 6,930,0
68,875.0 72.556,0 107,409,0 63.075,0 246,194.0 2,037.254,0
217,354,0 1,010,068.0 185.917.0 300.766.0 97,571,0 165,793,0 401,676,0 2,875,0
49,838,0
808,0 2,455.0 1,728.0 3,446,0
955,0 2,791,0 2,599,0 3,770.0 9,503,0
13,230,0
5.678,0
205,334.0
12.020.0
Total reserves
Non-reserve cash
Bills discounted:
Sec. by U.S. Govt. obligations 30,483,0
32.064,0
Other bills db3counted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
62.547,0
26,308,0
Total U.S. Govt. securities
9.316.0
Total.
hfinneap. Ran. City Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago, St. LOUIS.
$
$
$
$
$
$
$
8
8
$
$
$
292,037,0 95,736,0 180,383.0 41.281,0 119.203,0 178.694,0 17,945,0 51.258,0 53,891,0 23,208,0 172,279,0 1,359.115,0
65.555.0
861,0 1,575.0 4.311,0 2.105,0 3,088,0
14,017,0 13.334,0 3,849,0 3,199,0 4.458,0 4,919.0
1.424.670,0
306.054.0 109,070.0 184,232.0 44,480.0 123.661,0 183,613,0 18,806,0 52,833.0 58.202.0 25.313.0 175,367,0 762.134,0
312,085.0 38,896.0 64,056,0 35,384,0 27,910,0 130.607.0 18.945.0 - 8.980.0 38,613,0 19,629,0 34,561,0 620,337,0
7.483,0
16,483.0
29,327.0
5.483,0
10341,0
366,075,0 30,842.0 42,767,0 11,068.0 4,336.0 66,205,0
New York.
543.0
4,445,0
4.328,0
2.903,0 5.546.0 32,929.0
9.091.0 18,629.0 35.765.0
365.993,0
350,637,0
197.640,0 47,054.0 50,736,0 46,354,0 58.640,0 94.623,0 47,649,0 6,524,0 11,994.0 24,175.0 68.694,0
661,0 12.454,0 14,713,0 12,768,0 26.598,0
38,449,0
51.172,0 23.350,0 20.610,0 12,288,0 30,243.0
84,0
245.0 20.518,0 1.761,0 14.113,0 8,189.0 2,200.0
585.0 1,121.0 1.191.0
4,772.0
24,484.0 16.642.0 20.630.0 2,735,0 1.492,0 13,403,0 10,362,0 4,565,0 8.724.0 8.516,0 22.307.0
82,0 13,758,0 6.778,0 4,407,0 10.276,0 10,120.0 15,164.0
26,804,0 2,480.0 11.345,0 2,872,0
716,630,0
275,623,0
1,819.0 47,679.0 18.901.0 23,085.0 27.169.0 20.336.0 37.555.0
302,041.0
136,235,0 26,473,0 32.973.0 12,519.0 5.888.0 61.634.0 17.374.0
61.405,0 20.581.0 17.763,0 33,835.0 52,752.0 32,989.0 30.275.0
56.060.0 19.707.0 33,096.0
6,798,0
1.036,0
5.438,0
55,322,0
138,305,0
108.414,0
OCT. 2 1926.]
RESOURCES (Concluded)Two Ciphers (00) omitted.
THE CHRONICLE
Boston.
New York.
$
$
Phila.
Total bills and securities
Due from foreign banks
Jncollected items
lank premises
GI other resources
98,171.0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
$
$
2.000,0
3ther securities
1735
8
700,0
$
$
$
8
1,000,0
,
s
Total.
s
j
3,700,0
304,872.0 92,120,0 110.442,0 65,440,0 91,402,0 180,751,0 67,211,0 43,063,0 53,896,0 57,779,0 132,847,0 1,297,994,0
648.0
648,0
158,349,0 59,438,0 69,043,0 58,859,0 26,633,0 85.556,0 32,547,0 13,892,0 42,794,0 28,769,0 39,171,0 675.918,0
16,740.0 1,597,0 7,409.0 2,384.0 2,944.0 7,933,0 4,111,0 2,943,0 4,667,0 1,793,0 3,438.0
60,007,0
959,0
330.0
2,370,0
823,0
1,643,0
305,0
612,0 2,784,0
527,0
13,704,0
313,0 2,977,0
61,067,0
4,068.0
61,0
Total resources
386,399,0 1,506,277,0 340,357,0 491.410.0 227,138,0 291,365,0 687,062,0 176.231,0 135,846,0 211,743,0 153,457,0 428.073,0 5,035,363,0
LIABILITIES.
F.R. notes In actual circulation_ 149,160,0 374,187,0 113,891,0 207,053,0 576,083,0 173,678.0 208.992,0 47,166,0 63,011,0 66,572,0 48,650,0 188,023,0 1,716,466,0
Deposits:
Member bank-reserve acc't 148,513,0 862.528,0 134,476,0 180,138,0 68,820,0 67.211,0 349,752,0 78.356.0 46,786,0 89,811,0 57,162.0 165,323,0 2.248,876,0
Government
15,835,0 1,308,0 3,148.0 6,655.0 9.108,0
2,863,0
1,010.0 1,584.0 1,850,0 2,021,0 4,280.0 2.041,0
51.703,0
Foreign bank
739,0
6.182,0
311,0
591.0
832.0
412,0
1,066,0
335,0
249,0
303,0
11,829,0
272,0
537,0
Other deposits
38,0
797,0
172,0
8,392,0
77,0 1,025,0
74.0
214,0
139,0 1,332,0
29,0 5,689,0
17,978,0
Total deposits
Deferred availability items
Dapital paid in
3urplus
!ill other liabilities
152,005,0
58.413,0
8.800,0
17.020,0
1,001,0
892.937,0
139,726,0
35.703,0
59,964,0
3,760,0
184,915.0 75,961,0 76,707,0 352,853,0 80,489,0 49,024,0 93,467,0 61,743.0 173,590,0 2,330,386.0
61,246,0 55,760,0 25,850.0 75.027,0 32,496,0 11,966,0 37,436,0 30,116,0 40,099,0 624,068.0
13.551,0 6,110,0 5,032,0 16,668.0 5,288.0 3,100,0 4,187,0 4.301,0 8.593,0 123.796.0
22,894,0 11,919,0 8,700,0 30.613,0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220.310,0
1,751,0
1,305,0 1,398,0 2,909,0 1.222,0 1,244,0
1.107,0 1,032,0 2,697,0
20.337,0
136.695,0
55,933,0
12,463,0
20,464,0
911,0
Total liabilities
386,399,0 1,506,277,0 340,357.0 491.410,0 227.138,0 291,365,0 687.082,0 176,231,0 135,846,0 211.748,0 153,457,0 428.073,0 5.035.363,0
Memoranda.
Reserve ratio (per cent)
79.7
72.2
74.2
66.2
76.7
71.5
64.2
54.0
64.8
67.1
72.6
57.1
68.1
3ontingent liability on bills purchased for foreign correspond'ts 3,416,0
12,663,0 4,270,0 4,810,0 2,382,0 1,798,0 6,153,0
1,933,0
1,438,0 1.753.0
1.573,0 3,102,0
45,296,0
F. R. notes on hand (notes rec'd
from F. it. Agent less notes In
circulation)
34,227.0 104,494,0 39.845,0 21,183,0 14,387.0 32,248,0 36,291.0 3,539,0 6,980,0 7,995,0 5,939,0 41,800,0 348,935.0
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT. 29 1926.
Federal Reserve Agent at-
Boston.
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. San Fran.
Total.
(Two Ciphers (00) omitted.)
$
F.R.notes reed from Comptroller 236,837,0
F.R.notes held by F. R. Agent__ 53,500,0
3
5
$
$
8
5
8
$
$
$
$
$
772,001,0 190,736,0 271.876,0 115,285,0 272,326.0 430,901,0 73,345,0 86,599,0 114,348,0 71,376,0 283.523,0 2,919,203.0
293,320,0 37.000,0 43,640.0 24,815,0 66,400.0 185,618.0 22.640,0 16,602,0 39,780,0 16.737,0 53,700.0 853.802,0
F.R.notes issued to F. It. Bank 183,387,0
Collateral held as security for
F.It. notes issued to F R. Bk.:
Gold and gold certificates,, 35,300,0
Gold redemption fund
13.900,0
Gold fund-Fit.Board
84,000,0
Eligible paper
88.855.0
478,681,0 153,736,0 228,236,0 90,470,0 205,926,0 245,283,0 50,705,0 69,997,0 74,568.0 54,589.0 229,823,0 2,065,401,0
Total collateral
222,055,0
171,693,0
8,780,0 28,805,0 14.237,0
7,945,0 13,212,0
16,656,0
24,339,0 6,959,0 11,603,0 3,476,0 5,966.0 3,049,0 1,700.0 2,046,0 3,031,0 3.552,0
96,000,0 88,777,0 160,000,0 9,000,0 99,000.0 175,645,0 8,300.0 36,000,0 50,860,0 3.000,0
221,862,0 62,018,0 75,426,0 57,732.0 88,851,0 132,966,0 48,307,0 18,880.0 26,619.0 36,843,0
513,899.0 157,754,0 255,809.0 99,013,0 208,054,0 3'11.660,0 66,252,0 70.138,0 80,510.0 60,051,0
10.000,0
15.958,0
146,321,0
95.009,0
306,633.0
95,579,0
956.903,0
953,368.0
267,288,0 2,312.483.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 695 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in OW Department of "Current Events and Discussions," on page 1700.
1. Data for all reporting member bank:: in each Federal Reserve District at close of business SEPTEMBER 22 1926. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and disoounts
38
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
93
50
75
68
$
$
7.637
51.265
369.378 2,297.921
643,528 2,727,703
$
10,905
406,890
394,797
$
20,544
578,232
787.256
$
5,022
142,520
372,421
$
6,356
20,471
106.280 894,282
401,014 1.273.574
812,592 1.386,032
519,963
513,650 2,188,327
Total loans and discounts
1,020,543 5,076,889
Investments:
U. S. Government securities__ _ 152,920 1.004.352
Other bonds, stocks and securities
247,329 1,150,612
91,912
267.568
292,696
361,904
359,480
654,600
Total loans and investments
1,420,792 7,231.853 1,172.072 2,040,632
Reserve balances with F. It. Bank
82,740 127,493
102,822 753,438
Cash in vault
16,380
78,007
20.041
33.086
Net demand deposits
904.188 5,503,564 769.282 1.062,417
Time deposits
427,409 1,274,512 242,651 820,857
Government deposits
33,452
69,299
35,753
24,238
Bills pay. Az redis. with F. It. Bk.:
Secured by U.S.Gov't obligations
11,400 101.684
10.504
19.821
All other
8,866
60,454
15,554
15,037
Total investments
400,249 2,154,964
Total borrowings from F.R.Bank
Bankers' balances of reporting member banks in F. R. Bank cities:
Due to banks
Due from banks
36
s
99
67
48
$
7.248
187,153
332,106
73.064
162,359
$
4,111
116.042
317,081
$
3,982
70,934
242.856
526,507
238,799
437,234
317,772 1,220,556 14.258,864
63,897
115,324
61,314
47,601
105.383
92.006
83,378
46.309
58,956
312,997
462.209
139,580
105,265
775,206
179,221
108.915
197,389
659,543
40,515
13,916
372,699
208,381
7,669
618,915 2,963,533
41,800 244,584
11.132
48,193
331,574 1,818,535
214,890 1.052,264
9,193
29,544
705,728
47,164
7,590
393,159
217,923
6,123
347,714
26,207
5,795
209,588
119,462
2,469
634,623
56.933
11,941
502.871
149,052
5,451
70,565
69,015
65
694
$
5,905
146,822
294,929 5.537.625
919.722 8,574.417
s
53,227
24,453
256,748 2,512.320
211.633 3,108,610
77.680
468,381 5,620,930
395,452 1,688,937 19,879.794
28,701 105,818 1,658,215
10,940
20,269
277,890
284,869 766.741 12,899,487
99,574 834,970 5,681,945
9,372
26,164
258,727
4,455
14,541
7,108
26,451
25,558
22,505
12.433
20,915
1,234
2,255
6,964
3,933
3,181
8,722
31,865
20.582
236,207
219.815
52,447
456,022
162,138
19,370
34,858
18,996
33,559
48,063
33,348
3,489
10,897
11,903
114,828 1,008,631
33,464 102.506
170,521
54,965
46.115
25.124
30,045
15.549
16,838
12,500
367,812
148.107
77.824
26.282
45,263
17.112
99.883
42.200
28,009
24.552
26,954
Total.
24
31
106,122 2,111,891
54.857
557.218
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
,
All Reporting Member Banks.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago
Sept. 22 1926. Sept. 15 1926. Sept. 23 1925 Sept. 22 1926. Sept. 15 1926. Sept. 23 1925. Sept. 22 1926. Sept.
151926. Sept. 23 1925.
Number of reporting banks
694
695
725
55
56
61
46
46
46
Loans and discounts, gross:
$
$
$
$
$
$
Secured by U.S. Gov't obligations
146.822,000
158,694,000
180,540.000
47.785,000
57,110,000
63,745,000
14,118,000
14,861,000
23,530.000
Secured by stocks and bonds
5,537.625.000 5.581.757,000 5,133,144,090 2,012,731,000 2.050.802,000 2.002,979.000
677.512.000 687.336.000 607,689,000
All other loans and discounts
8,574.417,000 8,575,830,000 8,317,998.000 2,384,441.000 2.382,992,000
2,240,125.000 715.208,000 714,059,000 700.843,000
Total loans and discounts
14,258.864.000 14.316,281,000 13.631.682,000 4,444,957,000 4,490.904.000 4.306,849,000
1,406,838,000 1.416,256,000 1,332,062.090
Investments
U. S. Government securities
2.512,320.000 2.542,493.000 2,505,490,000 890,499.000 894,474,000
888,866,000
167,170.000 170.988.000 169.608.000
Other bonds, stocks and securities_ 3,108,610,000 3,112.161,000 2.910,410,000 841,559.000
854,397,000 837,107,000 215.483.000 216,859,000 185.510.000
Total Investments
5,620,930.000 5,654.654.000 5.415.900,000 1,732,058,000
1.748.871,000 1,725.973,000 382,653,000 387.847.000 355.118.000
Total loans and investments
19.879,794.000 19,970,935,000 19,047,582,000 6.177,015.000
1,804,103.000 1,687.180.000
6,239.775.000
6.032.822.000
1,658,215.000
Banks
Reserve balances with F M.
1,767.390.000 1.647,998,000 698.663.000 770,398.000 714,784,000 1.789,491,000
173,397.000 187.244.000 160.208.000
277.890.000
Cash in vault
283,362,000
283,360.000
63.032,000
64,030,000
20.316.000
21,034.000
63.196,000
24.345.000
12.899.487.000 *13270420000 12,760,126,000 4,951,193.000
Net demand deposits
1,258.900.000 1,176.056.000
5,661,945,000 *5,682.518.000 5,188.643.000 824.135.000 5,106,057.000 4,944.013.000 1,230,158,000
Time deposits
834.323.000 784,436,000 516.623.000 516,131.000 475.317,000
Government deposits
258,727,000
257,618,000
143,954,000
63.096,000
51,149,000
63,096,000
15,149,000
4,120,000
9,916,000
Bills payable and rediscounts with
all
Federal Reserve Banks:
236,207,000
Secured by U. S. Gov't obligations._
201,772.000
260,784,090
80.315.000
9,915,000
69,070,000 121.040.000
5,420,000
9,111,000
All other
219,815,000
168,525,000
194,160,000
58.790,000
56.119,000
4,021,000
34,786.000
4,801,000
2,411,000
450,022,090
Total borrowings from F.It. bks...
370,297.000
454,944,000 137.103,000 103,855,000 177,159,000
13.936.000
10.221,000
11.522,000
5
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
For own account
931.374,000 1971.812.000
For account of out-of-town banks
1,132,094,000 1,163,359,000
Layor account of others
698,964.000 685,211.000
is.
Total
2,762.432,000 2,820,382.000
On demand
2.042.828.000 2,117.151.000
". On time
714.004.000 703.231.000
*Revised figures.
8
$
[VOL 123.
THE CHRONICLE
1736
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
Exchange. The transactions in registered bonds are given
Wall Street, Friday Night, Oct. 11926.
Railroad and Miscellaneous Stocks.-The review of the in a footnote at the end of the tabulation.
Stock Market is given this week on page 1726.
The following are sales made at the Stock Exchange this Daily Record of U. S. Bond Prices. Sept. 25 Sept.27 Sept.28 Sept.29 Sept.30 Oct. I.
week of shares not represented in our 'detailed list on the First Liberty Loan
High 1001433 100443: 100"n 100443, 100444, 100"as
354% bonds of 1932-47_ Low_ 100"3: 100143: 100"n 100"n 100"31 100"3:
pages which follow:
(First354s)
Close
1day:item'
STOCKS.
Week Ended Oct. 1.
Sales
for
Week.
azette,
,
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share.$ per share.
Railroads.
300 116 Sept 30 116 Sept 30 107%
Alabama & Vicksburg100
I
32 80% Sept 27 80% Sept 27 72%
Morris & Essex
NY & Harlem
50
23 190 Sept 28 100 Sept 28 175
132 135 Sept 30 138 Sept 29 108
NY Rysetts 2nd Stmpd•
NY State Rys pref._100
100 36 Sept 27 38 Sept 27 36
2,000 19% Sept 30 20% Sept 27 16%
Reading Rights
200 101 Sept 28 10151 Sept 28 101
TwinCityRapTranspf100
V1cksb Shrev & Pac_ _100
100 95% Sept 27 95% Sept 27 90
Mar 116%
Jan 83
Ap 205
July 141
Sept 50%
Ma 22%
Jan 10251
Jan 98
June
July
Jan
Sept
Jan
Feb
Feb
July
Industrial & Misc.
Amalgamated Leather.. 1,600 1751 Oct 1 19% Sept 27 16 • July 21
Sept
Am Foreign-Pow 25% Pd
Jan
100105% Sept 25 105% Sept 25 105% Sept 131
Am Wh'Isale Corp pf.1 4 i
200 98 Sept 28 98 Sept 28 97% Aug 100
Jan
Autosales
60
100 10 Sept 27 10 Sept 27 4% Jan 10
Sept
Canada Dry Ginger Ale• 2,800 41% Oct 1 44 Sept 25 41% Oct 49
Sept
Central Alloy Steel_ • 600 30% Oct 1 32 Sept 27 30% Oe 33% Aug
Colum Gas & Else ctfs_• 1,400 813 Sept 29 82% Oct 1 80
Sep 8254 Oct
4$ Oct 1
51 Sept
% Sept 25
Consolidated Cigar Rio. 27,200
q Sept
Continental Baking el A'26.900 7254 Oct 1 8134 Sept 29 7254 Oct 93% Aug
Sep is
Class B
*34,300 11 Oct 1 1251 Sept 25 11
Sept
100 1,300 92 Sept 29 93 Sept 25 0034 Sep 9634 Aug
Preferred
300 9834 Sept 25 9834 Sept 25 9854 July 9834 July
CrownWilllamette lstpf*
100
Deere &Co pref
100107% Sept 29 10734 Sept 29 104% Ma 1093.4 June
Elk Horn Coal Corp.._• 1,'I I 1054 Sept 25 11 Sept 25 834 Jun 1234 Feb
Emerson Brantingliam
100 251 Sept 29 251 Sept 29 1% Aug 234 Aug
100
certificates
July 1434 Sept
100 411 954 Oct 1 954 Oct 1 8
Preferred Ws
Sept 2434 July
Engineers Pub Service_• 211 21 Sept 27 21 Sept 27 20
Sep 9634 Aug
Preferred
• 900i 94 Sept 27 9434 Sept 28 94
Mar 27
Sept
Preferred
100 26% Sept 28 26% Sept 28 21
50
Federal Motor Truck_ _• 3,4001 2854 Sept 29 2934 Sept 27 2434 July 34% Aug
Jan 10954 Mar
Franklin-Simon pref_100
400 107 Sept 27 108 Sept 25 106
Oct
99
1
Feb 10434 Oct
20010434 Oct 1104%
Gen Motors pret_ _ _ _100
100 10154 Sept 29 10154 Sept 29 10154 Sep 10954 May
Gulf States Steellstpfl i •
Sept
Hartman Corp cl B..' 3.000 2751 Sept 27 2851 Sept 25 2554 Aug 30
100110634 Sept 30 10641 Sept 30 10554 May 107
Hayes Wheel pref___100
May
300J115 Sept 30 11634 Sept 28 114
Jan 120
Jones & L Steel pref _100
Aug
100105 Oct 1 105 Oct 1 100
May 1055$ Aug
Kayser & Co let pf_ _100
1001118% Sept 30118% Sept 30 113
J 11851 Sept
Kelsey Wheel Inc pref100
500 87% Sept 28 8854 Sept 28 85
100
Sep 9954 Jan
Kinney Co pref
100186 Sept 29 86 Sept 29 86
Sep 86
Laclede Gas pref. _100
Sept
Liquid Carbonic etts.....• 4,000 46 Sept 27 47 Sept 28 4554 Sep 483.( Sept
Loose-wiles Bis 1st pfl II
200 115 Sept 28 116% Sept 28 112
Jan 118
Aug
113
6001 94 Sept 29 9554 Sept 29 9334 July 97
Louisiana Oil pref
July
• 1.400 9 Sept 29 934 Sept 29 9
Sep 1134 Aug
Murray Body Mb
100115 Oct 1 115 Oct 1 10434 M 115
100
Nat Supply pre!
Aug
10010251 Sept 28 10251 Sept 28 9934 Ap 10351 June
NY Steam let pref.__ _•
100 89 Sept 29 89 Sept 29 88
July 9834 Feb
Omnibus Corp pret_100
281
Sept
100
28
_100
pref_
Sept
99
100100
July 104
Penick & Ford
June
Jan 107% Sept
Penney (J C) pref _ _ _100
10010654 Sept 28 10651 Sept 28 105
800 2% Sept 29 251 Sept 29 2% Sep
Peoples Gas, Chicago Rt.
234 Sept
Sept
28 60
Jan 8144 Jan
100 68 Sept 28 68
Porto-Rican Am Tob 111
100 9834 Sept 28 98% Sept 28 9534 Ma 100
Jan
Reid Ice Cream pref _100
Sherwin-Williams 1 pf100
Apr
10010534 Sept 28 105% Sept 281 105% Sep 108
100106 Sept 29 106 Sept 2£4 100% Jan 110 June
Sloss-Sheff St & Ir pi_ Ill
100102 Sept 28 102 Sept 28,101
Jan 10551 June
Spalding Bros let pf _100
Sep 48% Oct
Texas Gulf Sulphur new.128900 4431 Sept 25 46% Oct 11 42
Jan
200115% Sept 30 116 Sept 30 11554 Sep 123
Underwood Typew pfl I I
3001 8% Sept 27 654 Sept 27 6
Sep 12
Jan
United Dyewood_ _ _ _100
300 68 Sept 27 60 Sept 28 58
A
75
Feb
Yankaalte lat pref.__ 11 I
M 101
10010051 Sept 30 10054 Sept 30 95
West Penn Pow 6%pfl II
July
White Sewing Mach pf •28.600 58% Sept 26 64% Oct ii 4734 July 64% Oct
•No par value.
New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Bid.
America._ _ _ 305
Amer Ex Pile_ 470
Amer Union*. 200
Bowery Eastll 390
Broadway Cen 340
Bronx Bore_ 1300
Bronx Nat_ __ 460
Bryant Park* 200
Butch az Drov 180
Capitol Nat__ 242
Cent Mercan_ 280
150
Central
421
Chase
Chat!: Phenix
NatBk&Tr 358
Chelsea Exch. 277
Chemical.... 800
Colonial'.... 600
Commerce... 380
Com'nwealth• 295
Continental- 280
Corn Exch... 685
Cosmoplans. 225
Fifth Avenue 2:300
25'0
First
170
Franklin
375
Garfield
Globe Exchs. 210
350
Grace
Greenwich•_ _ 530
•Banks marked
Ex-rights.
Ask.
315
480
210
39-S
385
1450
500
225
190
246
290
156
423
362
283
806
.
a$3
305
290
592
250
400
610
180
385
240
Lio
Bid.
Banks.
225
Hamilton_ 1020
Hanover
Harriman.._ 615
225
Manhattan
575
Mutual.
Nat American 248
National City 608
New Nerb'de 295
495
Park
Penn Eh... 130
Port Morris_ _ 235
5'70
Public
654
Seaboard
173
Seventh
640
Standard
590
State
157
Trade
190
United
United States* 3)5
Waah'n FDA*. 800
Brooklyn.
Coney Island* 375
175
Dewey•
405
First
Mechanics".. 294
Montauk* _ _ _ 350
Municipal *._ 300
354
Nassau
600
People's
Queensboro •_ 200
Ask.
230
045
620
228
610
265
614
305
500
140
_
5,;(1
60
180
600
162
205
332
1100
iio
304
iio
354
650
215
(I) New
*) are State banks.
Trust Cos. Bid. Ask.
New York.
Am
_
American.....
-Bank of N Y
& Trust Co. 625 635
Bankers Trust 633 638
Bronx Co Tr. 300 330
Central Union 900 915
County
300 310
Empire
352 356
Equitable Tr- 280 283
Farm L & Tr. 532 537
Fidelity Trust 285 295
Fulton
420
Guaranty Tr_ 409 413
Irving BankCoiumblaTr 300 304
Lawyers Trust
M umfactnrer 524 529
Mutual(Westcheater)
215 230
N Y Trust.-- 540 545
Terminal Tr_ 130 190
Title Gu & Tr 687 695
U S Mb/& Tr 385 395
United States. 1720 1750
Westchea'r Tr 550
_
Brooklyn.
Brooklyn_ _ - 805 815
Kings County 2100 2100
Midwood....- 300 310
stock.
(z) Ex-divldend.
1
New York City Realty and Surety Companies.
AU prices dollars per share.
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee
Bid. Ask.
45
50 Mtge Bond..
185 188 NatSurety _ _
324 328 N Y Title &
2)9 305
Mortgage..
U S Casualty_
287 292
Bid.
145
216
4s1
300
Ask.
Bid. Ask.
150 Realty A13900
(Bklyn)corn 205. 210
219
1st
88
92
2d pref. _ _ _ 87
466
91
325 Westchester
Title & Tr.. 500
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Matwily.
Int.
Rate.
Bid.
Asked.
Maturity.
int.
Rate.
Bid.
Asked.
Dec. 15 1926._ 334% 994,11 100'n Mar.15 1927... 434% 100411 10055
Dec. 15 1927._ 454% 100",e i00',, June 15 1927-- 334% 9934 . 993lis
100"33 100"at 100"t: 100"ss 100"st 100"w
To&t sales in $1,000 Snug...5
76
137
62
207
191
Converted 4% bonds of Hig
-- - _ 100443: 100"3,
---.
------Low_
____ 100441: 100"3:
1932-47 (First 4s)._
---.-----Cloee
__-- 100443: 100"1:
------Total sales in $1,000 units._
___
3
- : 101443: 1014•33 10-1-sn
Converted 451% bondsriv; 101143
i 10-1-63, 10-144n
of 1932-47 (First 45(s) Low. 101"st 101"st 101"3: 101"n 101"n 101",
,
Close 101"ts 101"ss 101"st 101"st 101"tt 101"st
Total sales in $1,000 units....
5
27
33
25
5
20
Second Converted 4si% High
--bonds of 1932-47 (First( Low_
____
____
____
____
____
---Second 451s
Total sales in $1,000 units...
__
.. _ _
---_
__
_
--Second Liberty Loan
{High 100
___._
-____ 100432
100431
---4% bonds of 1927-42_ Low_ 100
---- -__ 100434 100433
--(Second 4s)
Close 100
------_ 100431 1004n
---Total sales in $1,000 units_ _ _1
1
Converted 434% bond/High 100441: 100-443 100
- -44.33 100"3: 100443: 100443:
of 1927-42 (second
Low_ 100,433 1001431 100443: 1001433 100443: 10044::
Close 100"at 100"st 100":, 1003*st 100lon 100, 4st
)
434,
34
Total sales in 51,000 units...
127
159
47
122
80
Third Liberty Loan
High 101% 101,
s: 101,st 1014st 101.st 101'n
434% bonds of 1928.... Low. 101433 10141: 101433 101433 10143: 1014s:
(Third 451s)
Close 10143: 10143: 101431 101411 101433 10143:
Total sales in $1,000 units11
45
230
46
172
98
Fourth Liberty Loan
!High 10243: 10243: 10243: 102433 102414 102
451% bondslf 1933-38._ Low_ 102'n 1024st 102'n 102
101"st 101nu
(Fourth 451s)
Close 10241: 10243: 102433 10243: 102
102
83
Total sales in $1,000 :Anita__
59
171
106
290
99
Treasury
{High 107443, 1074431 107"n 107", 107"ss 107"st
43-4a. 1947-52
Low. 107"at 107"ss 107"st 107"st 107"st 107"1:
Close 1074433 107403: 107441: 107"3: 107"3: 107"41
2
Total sales in $1,000 units__
23
1
3
35
24
{High 103% 103441: 103443: 103"3: 1034411 103"ss
45. 1944-1954
Low_ 103"n 103"st 103"ss 103"st 103"st 103"st
Close 103243: 103"1: 103433: 103443: 1032433 103"st
Total sales in $1.000 units...
26
7
2
8
22
1
(High 014433 101‘131
---- 101",,101"81 101%
3Me. 1948-1956
Low_ 101"ss 101"st
---- 101"n 101"n 101"st
(Close 101"st 101"st
---- 101"n 101"st 101443:
101
Total sales in $1,000 writs.-1
130
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
12 1st 451s
1 2d 4a
44 2d 431s
1014432 to 10141 8 3d 451s
100431 to 10043: 60 4th 451s
10013., to 1001433
101 to 10143
102 to 102Iss
Foreign Exchange.-Sterling exchange was dull and a
trifle easier, with fractional declines on freer offerings of
cotton and grain bills. In the Continental exchanges the
outstanding events of a dull week were firmness in francs and
lire and collapse in Chinese currencies, incidental to the crisis
in the silver market.
To-day's (Friday's) actual rates for sterling exchange were none for sixty
days. 484 11-16@4 8425-32 for checks and 4 85 3-1604 8.5 9-32 for cables. Commercial on banks, sight, 484 9-16@4 8421-32. sixty days
4 80 9-1604 80 21-32. ninety days 478 11-1618,4 78 25-32, and documents
for payment(60 days)4 80 13-16 ®4 80 29-32:Cotton for payment,4 84 9-16
®4 84 21-32. and grain for payment 484 9-1604 84 21-32.
To-day's (Friday's) actual rates for Paris bankers' francs were none for
long and 2.79.4g2.8054 for short. German bankers'marks are not yet quoted
for long and short bills. Amsterdam bankers' guilders were none for long
and 39.98 ®40.00 for short.
Exchange at Paris on London, 172.30; week's range, 171.20 high and
174.10 low.
The range for foreign exchange for the week follows:
Cables.
Checks.
Sixty Days.
Sterling. Actual4 85 9-32
4 84 25-32
(None)
High for the week
4 853-18
4 84 11-16
(None)
Low for the week
Paris Bankers' Francs
2.85
2.84
(None)
High for the week
2.7754
2.7654
(None)
Low for the week
German Bankers' Marks23.823i
23.8034
High for the week
23.82
23.80
Low for the week
Amsterdam Bankers' Guilders40.0634
(None) 40.0454
High for the week
40.04
(None) 40.02
Low for the week
Domestic Exchange.-Chicago. par: St. Louis, 15@25c. per $1,000 discount Boston, par; Kan Francisco, par; Montreal, $.9375 per $1,000 premium; Cincinnati, par.
The Curb Market.-The review of the Curb Market is
given this week on page 1725.
A complete record of Curb Market transactions for the
week will be found on page 1751.
CURRENT NOTICES.
-Mayor Nichols has appointed C. W. Damn, publisher of the Boston
News Bureau, as a member of the Boston Sinking Fund Commission of
which Eliot Wadsworth is Chairman. Mr.Barron succeeds Matthew Cummings, who has resigned.
-J.S. Lockwood and G. L. Chandler, Jr., formerly with the dissolved
firm of Gray Perry & Co.. announce the formation of the firm Lockwood.
Chandler & Co. to continue the business of Gray Perry & Co.. with offices
at 115 Broadway, New York.
-George H. Burr, 57 William St., New York, announce that Walter 0.
Brown has become associated with them as manager of their securities
department.
-LaBranche & Co., members of the New York Stock Exchange, New
York City,announce that Arnold Wood,Jr., has been admitted to partnership in their firm.
-Johnson & Wood,members New York Stock Exchange, Ill Broadway.
New York, announce that Edward P. Andrews, formerly of Andrews &
White. has become associated with their firm.
-Irving Bank & Trust Co. has been appointed trustee and coupon paying agent of an issue of$350,000 principal amount of6% gold notes of Kahler
Shoe Co., Inc., due 1929.
-The Equitable Trust Co. of New York has been named depositary
under a stockholders' protective agreement for common capital stock and
„onunon stock voting trust certificates of De Forest Radio co.
•
1737
New York Stock Exchange-- Stock Record, Daily, Weekly and Yearly
OCCUPYING SLY PAGES
For sales during the week of stocks usually inactive, see preceding page
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturda a•
I Sept. 25.
Monday,
Sept. 27.
Tuesday,
Sept. 28.
$ per share $ per share 3 per share
Wednesday, Thursday,
Sept. 29.
Sept. 30.
Friday,
Oct. 1.
Sales
for
the
Week.
5 per share $ per share
5 per share
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads.
Par
15638 15738 15612 158
157 15938 15758
1595s 15758 15914 91,200 Atch Topeka & Santa Fe__100
9938 9938 9914 9978 9914 9958 .9914 15958 158
9978 99
1,600, Preferred
9914 9934 9934
100
58
58
58
58
58
34
.58
34
34
8001 Atlanta Hires dr Atlantic.. 100
34
34
34
22612 22612 22338 224
22234 225
217 22258 21612 219
218 219
7,2001Atiantic Coast Line RR
100
10778 10818 10738 10812 10712 10818 10614 10734 10558 10658 10558 10612 44,500 Baltimore & Ohio
100
*7314 7334 7334 7378 7334 7334 7314 7334 7314 7314 *7212 7314
100
1,100 Preferred
4318 4314 43
43
43
43
43
43
43
43
4258 4258
900IBangor & Aroostook
50
*101 102 *101
_ *101 10'L •101 102
101 101 *100
..
100 Preferred
100
8238 8258 8112 -6158 61,2 6134 6118 6112 6078 6134 36058 If
8,500 BkIn-Slanh Trac v t c_No par
8514 8512 8538 8512 8514 8514 *8518 86
85
8514 *8212 8434 3,200 Preferred v t c
No par
*15
1534
151s 1538 15
1518 1458 1412 1413 1434 *1434 1534
900 Brunswick Term & Ry Sec.100
.84
8614 *84
8614 85
85
*8114 85
83
83
84
84
85 Buffalo Rochester & PItts.100
*60
63 .60
63
*60
63
*60
63
63
*60
Canada Southern
*60
100
63
16512 166
16512 16578 16512 16614 164 16558 165 16512 16534 16612 4,400 Canadian Pacific
100
*280 290 *280 290 *280 290
28912 28912 *280 290 •280 290
Central RR of New Jersey.
_100
100
17212 175
172 17534 171 17514 169 17334 171 17358 17134 17514
100
144,800 Chesapeake & Ohio
*17412 ------------171 171 *170
_ __ *169 __ *17318 17334
'
100
100 Preferred
.512 558
512 512
512 512 .518 -512 *514 -558
Chicago dr Alton
100
1,300
55
8
55
8
858 858 *8
*813 834
8
'
8 813
834
100
812 812.
812 812 2,300 Preferred
*260 300
275 275 *275 300 *275 300 *275 300 *275 300
100
60 C C C & St Louls
*31
35
*31
34
*32
36
*3212 36
*31
34
.33
36
Chic dr East Illinois RR
100
43
43
4212 43
43
44
4312 4432 *4312 44
44
4412
100
500 Preferred
•10
1014
1014 1014
1012 1012 1018 1058
1018 1018 *1014 1012 1,800 Chicago Great Western
100
2838 2878 2838 2878 2812 29
2838 2878 2758 2812 2718 2814 9,100 Preferred
100
11
11
1012 11
1034 1034
1138 1112 113 1158 4,800 Chicago Stilw & St Paul
11 14 1138
100
11
11
1012 11
1014 1078 105g 1034 *1038 1078 2,400 Certificates
1018 1034
100
2018 2034 1958 2058 20
2078 20
2014 2014 2078 206 2058 10,600 Preferred
100
1912 1912 1914 20
1912 2014 19
1912 1912 1978 1932 1978 6,600 Preferred certificates...j00
79
SO
79
7934 7812 7958 7812 SO
7812 7914 7858 7912 19,700 Chicago & North Western.100
*12514 12534 *12538 12534 *12512 12534 12534 12534 12512 12512 12514 12514
100
300 Preferred
6414 6478 6431 6712 6612 6718 67
68
67
6734 6712 6814 85,200 Chicago Rock 181 & Pacific. 100
.104 10412 *10312 10458 10414 10414 10412 10458 10458 1045
8 10478 105
100
1,500 7% Preferred
0134 9134 .91 14 9134 9134 92
9134 92
9134 92
*9112 92
100
1,200 6% Preferred
71
7412 7458 79
79
8112 7778 79
7714 79
SO
82
100,
10,800 Colorado & Southern
72
72
.70
72
7212 7212 *72
74
*72
74
*72
74
400 First preferred
1001
*66 -___
72
72
*70
72
78
70
70
*70
*70 1-_
.176 178 *177 178
17712 17712 177 17711 *176 177
177
7-93-4
144 144
14334 14638 144 14578 14414 14624 14414 14514 145 14534
40
4014 39
40
3978 40
*4014 4034 41
41
*4112
3434 3478 341s 3558 3438 3534 3412 3478 3434 3534 3552 43
3614
4514 46
*4514 4614 4518 4618 4412 4534 4418 4534 4534 4638
4338 4334 4278 44
4212 4314 4214 4258 4212 4312 4312 4438
7714 7731 77,4 7858 7778 7914 7814 791 2
78
79
7812 7878
1978 20
1934 20
1978 20
*1978 2012 1978 20
20
20
3738 3738 3712 40
40
4034 40
4114 4014 4013 39.58 4118
•10712 10812 10812 10812 10813 10813 10813 10914 10878 10912 109 109
3858 3858 3834 3834 3858 3858 3834 3834 3878 39
39
393
*76
78
.76
78
*76
78
•76
78
*76
77
*76
77
12612 12612 12518 12512 12434 12514 12414 126
12412 12512 *12412 12512
*124 128 *124 128 *124 128 *12414 128
12412 12412 12412 12412
*75
76
76
76
76
76
7.518 76
76
76
7534 76
*2634 2714 .2634 2714 *2634 27,4 *2614
14 *2634 2714 *2634 2714
27
*64
6812 *64
6812 *64
6812 .64
6512 *64
6512 *64
6512
4078 4112 40
4078 3919 4038 3858 3972 37
3853 3858 3958
*-:;-.7
112 *-:::
D2 *-,,z
1 12 *--,132 .--,,
1
12
*-,,
112
4/.2 4778 4758 4858 477i 4852 4712 4818 47 g 4778 4/38
4778
*66
6712 *6614 6712 6678 6678 6678 6678 *65314 67
*6534 6612
*8712 89
*8712 89
*8712 89
8758 8758 8758 8758 8712 88
140 14013 13812 139
13812 13812 13418 13614 13518 136
136 136
*88
9238 .88
9258 *88
9258 •88
9238 *88
0238 *88
9238
4612 4818 4658 4878 4712 4712 *4714 48
4738 4734
4618 47
.458 5
*458 5
.412 5
.412 5
•438 6,2 *412 6
*2012 30
*2012 30
*2012 30
.2012 30
*21
30
*2012 30
4212 4212 4214 4212 4134 4214 42
42
4218 42
42
42
*1234 16
*1234 15
*1212 15
.1234 16
*1212 15
*1234 16
.134
178 •134
178
134
134 .112
178 •112 178
112
112
40
40
*38
41
41
41
*38
41
40
40
40
4134
*60
65
*60
65
*60
65
.60
65
6434 6434 65
65
*63
65
*63
65 .63
*63
65
65
.63
65
1163
65
37
3778 3718 3758 3714 38
3612 3712 3858 37
3658 3734
94
94
9378 94
9334 9334 9312 9334 9358 94
9331 9378
42
4234 4214 43
42
4278 4158 4238 4118 42
4134 4238
9212 9258 92
9258 9214 9278 92
9258 9112 9258 9214 9234
*514 614 .5,4 614 *514 61
*512 658 .514 6,
*512 614
*214
212
238 238 .214 238
214 214 .218 2313 .21s 238
*121 128 *121 128 *121 128 *121 128 *121 128 *121 128
14378 14478 14212 14434 14212 144
14138 14358 14112 14378 14258 14312
199 20034 198 200
196 199
194 197
196 199
199 20278
*103 10334 10334 10334 103 103
103 103
103 10312 *10212 103
.4418 4414 4414 4538 4434 4538 4434 4518 4434 453* 4478 4614
*2438 2412 2438 2412 2434 2512 2512 2578 2512 2534 2512 26
*914 912 .812 912 *812 912 .812 912 *812 012 *812
0'2
22
22
.17
24 .17
24
*17
23
•19
23
*18
23
*3912 4014 *3912 4014 39
3958 3934 4014 4038 4012 4034 4034
166 1693s 16658 16878 16712 16958 16434 16772 16518 16634 165 170
•84
8513 *8414 8512 *8414 8513 •8414 8512 8413 8413 *8414 8512
79
8018 7958 8038 80
8078 8014 8138 27912 8014 7912 8012
•18
25
*18
25
*18
25
*18
25
*18
25
*18
5414 5434 5412 5458 5458 5538 5458 5518 5458 5478 5458 25
5514
*21
24
2012 2012 20
21
*1912 21
19
*19
20
21
112 112
11138 11312 110 11212 110 11134 11014 11034 111 112
•91
9312 *01
9312 .9213 9312 *93
93
9312 93
9312
9312
*8814 8812 8812 8812 .88
8812 8814 8814 88
88
*88
8812
•14518_ .14518
_ 150 150 *14518
_ 15(1 150
150 150
112 1133
- 8 .110 11-2)2 •110 112 *110 11-i
11112 11112 *110 112
93
0314 9214 9338 9218 93
9134 9211 91 12 92
9158 9278
*40
41
4012 4012 *4018 4034 *4018 4034 *401.2 4034 .
401s 4012
443* 4412 44
44
*44
4412 4312 44
43
43
4234 43
485* 4858 50
5038 *49
51
51
51 14 5014 5014 4912
9838 9838 9738 9858 9838 9912 99 10058 9918 9934 993 4958
4 9978
•9158 02
.9158 92
91 18 9158 91
91
91
91
9012 9012
677s 6778 67
6734 68
68
67
6718 67
67
67
67
*76
79
.76
79
*76
79
.77
79 .76
79
.76
79
3418 341s 33/
1
4 3358 33
34
33
3212 33
33
3312 3378
38
37
*37
37
*37
38
3658 37
36
36,2 *3634 3712
10818 10834 10734 10812 1075s 10814 10738 1083
10812 109
4 108 10878
128 129
12714 12858 126 12758 12434 12614 12538 12612 12512 12614
*9312 9378 0378 9378 9334 94
94
94
9312 9378 93
93
56
56
5518 5638 5514 5514 5518 56
5512 5512 56
*3018 3078 *2912 3012 55
32
32
*3018 31
3018 32
32
32
.6714 681g .6714 6712 *6714 6710 674 6712 *6714 6712
6712 6712
163 16334 16134 16312 16234 1643; 163 16458 164 16714 167
16838
7912 7934 7934 797s 79
7978 7978 7978 7912 7912 7918 79ts
•2414 30
*2014 30
*2414 30
*2414 30
'2414 30
*2414 30
*75
90
90
90
*75 100
*75 100
075 100
100 100
45
4514 4412 4534 4414 4512 44
4478 4418 4412 441, 45
7578 76
7512 7578 7514 7534 7538 7578 7514 7534 7512 757
8
*62
65
.63
65
62
62
*61
65
*62
65
.62
65
1314 1314
13
1338
1278 1338
1278 13
1318
13
13
13
2318 2538 2258 23
2234 2314
2212 2212 2214 2214 2212 2212
3712 3778 *37
38
3712 3758 3612 3613 35
36
351s 35,2
85 di 85
85
85
8434 8434 8412 8478 8414 8412 *8414 8412
29 ,, 2934 2858 2918 28
29i, 2713 28
271, 277s 28
2834
#4712 4838 47
4758 4712 48
4614 4714 4512 4678 4612 4738
9814 9834
9834 9814 9312 94
.9212 9215
•Bid and asked prices. 3 Ex-d vidend.
9312 9412
95
96
re* Oil AKZ
Range Since Jan. 11926.
On basis of 100-share lots
Lowest
S per share
Highest
PEI{ WIAIM
Range for Previous
Year 1925.
Lowest
p
Highest
$ per share $ per share $ per share
122 Mar 30
9418 Mar 5
12May 28
18112 Mar 30
83121vIar 3
6712 Jan 6
33 Mar 2
9778Feb 8
5418 Mar 31
78 Mar 31
812 Mar 4
6934 Mar 26
58 Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
41,Sept 18
618May 18
17314Mar 29
3014May 10
3612Mar 31
734 Mar 31
1614 Mar 30
9 Mar 29
818 Apr 20
1418 Mar 31
14 Apr 20
6514 Mar 30
11812 Jan 4
4012Mar 3
96 Mar 4
8314 Mar 31
52 Mar 3
62 Mar 2
161 Sept 1
100 June 12
10 Jan 2
26212 Jan 2
10934Sept 7
7378 Aug 20
41 Feb 1
101 July 12
6914 Feb 5
8612 Aug 23
1712 Aug 30
8734July 20
61 June 14
16S58Sept 7
305 Jan 11
17819Sept 21
151 Sept 28
1158 Feb 20
1814 Feb 13
275 Aug 24
37 Feb 10
5134 Feb 10
121s Sept 9
3158Sept 9
1412 Jan 6
14 Jan 8
24 Aug 24
2338 Aug 24
8334Sept 10
12612 Apr 30
6,14 Oct 1
105 Oct 1
92 Sept 2s
82 Oct 1
7212 Aug 11
59 Jan 11
150141\lar 30
129 Mar 30
3712May 19
2212 Mar 29
3334 Mar 30
30 Mar 30
6812 Mar 30
19 June 2
2518 Apr 20
95 Mar 29
3452 Jan 22
6734 Mar 31
11312Mar 3
11512Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
2412 Jan 15
1 Aug 14
3414 Mar 3
6058 Mar 31
7512Mar 3
Jan 6212 Aug
72 Sept 27
54
18312Sept 2 13312 Mar 155 Apr
15312 Jan 12 125 Mar 14714 June
47 Jan 2
3458 Oct 60
Jan
40 Jan 2
2634 May 3938 Dec
35 June 4678 Jan
4778July 8
4512July 8
34 June 4314 Jan
8012Sept 10
60
Apr 8238 Dec
2714 Feb 15
25 Dec 4031 Jan
41 1 1 Sept 21+
23 Mar 3638 Sept
100 Sept 0
8912 Mar 10914 Sept
40 Apr 8
383g Aug
2134 Mar
7914July 26
6412 Feb 72 July
131 Sept 7 111 Mar 12512 Dec
1291:Sept 7 11212 Apr 12514 Dec
77 June 23
6814 Aug 7414 Dec
31 Feb 13
18
Jan 3318 Sept
66 June 24
5912 Jan 6612 July
5214May 25
1312 Mar 3412 Feb
312 Jan 15
112 Jan
312 Mar
5138Sept 9
Dec
2858 Mar 51
6838Sept 10
57
Jan 6314 Dec
1)312July 15
69 Mar 8812 Dec
144 Sept 3 106
Jan 148 Dec
9234 Apr 20
64 May 11912 Sept
6178May 28
3218 Mar 5114 Feb
6 Nov
10 Feb 9
12 Sept
40 Feb 9
Jan 4614 Sept
20
5138 Feb 10
4214 Nov 6514 Sept
2212 Feb 10
15 Dec 3514 Sept
378 Jan 11
214 Oct
4 Mal
5212 Feb 3
3052 Apr 57 Not
79 Feb 3
40 Mar 8614 Nor
6678 Feb 24
5712 June 63 Feb
4718 Feb 9
2814 Jan 4512 Set'
,
95 Jan 4
7434 Jan 9212 Dec
45 Sept 1
3031 Jan 4134 Dec
95 Sept 3
71 Mar 91 12 Dec
834 Jan 7
112 June
314 Dec
412 Jan 7
112 June
314 Dec
13212 Jan 9 11314 June 13712 Dec
14712Sept 7 11314 June 13712 Dec
20112Sept 21 118 June 183 Dec
106 July 8
8812 Jan 9878 Not
4838July 17
28 Mar 47 Dec
2878 Feb 13
2052 Apr 3434 Ant
5 Dec 12 June
2014 Feb...'
2812 Jan 14
21 Dec 36 Jul)
4438Sept 2
217s Apr 45 Sept
170 Oct 1 12312 Mar, 151
Dec
8518 Aug II
7512 Jan; 86 Dee
8212 Aug 26
5814 Apr; 7814 Dec
48 Jan 6
20 Aug; 401: De(
5678Sept 3
4212 Apr,' 5538 Des
2634 Jan 14
1334 Apr' 2131 Dec
111 Sept 24
6134 June 8512 Dec
96 July 7
78 July 8934 Dec
9178July 17
6812 Apr, 7958 Dec
1541 Sept 8 139
Jan, 144 Not
11938 Jan 11
63 Mar 123 Dec
100 July 9
6934 Mar, 9114 June
42 Apr 26
3572 Marl 41 June
41 Sept 2
3614 Marl 4435 Juni
42 Apr 6278 Jac
6114 Aug 2
102 Sept 7
5712 Jan 10214 Aug
Jan 9214 July
9214July 14
76
4334 June 6914 Dec
74 Feb 9
8014 July 27
7014 June, 7834 Dec
2038 Jan i 5414 Not
51 Jan 2
35 Mar 51 12 Aug
4838 Feb 18
96
Oct 10838 Jan
3
11014Sept
7752 Jan 12012 Dec
13114Sept 3
83 Jan 9512 Sept
9512 Aug 5
4314 Jan 59 Deg
6158 Jan 13
712 Apr 1358 Sent
43 Apr 23
58
Jan 7514 Dec
7834 Jan 4
16838 Oct 1 13314 Apr 15314 Jan
72
81 14 Aug 28
Jan 7714 July
2712 Apr 7
18 Aug 3312 May
4812 Mar 8378 Dec
100 Oct 1
52 Jan 12
1912 Mar 4714 Aug
5534 Jan 7378 Dec
7834 Jan 13
3812 Jan 6012 Aug
72 Jan 29
1.1 Mar 1832 Aug
1658 Jan 4
!..., Mar 2614 Jan
2-38Sept 2;
1934 July 3912 I)ec
3914 Jan 2
72 July 81 Dec
883 Sept11
1014 Mar 32 Dec
32 Jan 2
8734 Aug 20
22 Apr 53% Dos
100
400 Second preferred
3,700 Delaware & Hudson
100
9,700 Delaware Lack & Western_ 50
2.300 Deny & Rio Or West pref 100
100
67,800 Erie
100
44,100 First preferred
100
16.600 Second preferred
19,700 Great Northern preferred_ _100
2,000 Iron Ore Propertles_No par
23,300 Gulf Mobile dr Northern_ _100
100
1,900 Preferred
1,500 Hudson dr Manhattan.....100
Preferred
100
100
3,100 Illinois Central
100
200 Preferred
610 Railroad Sec Series A__1000
lot Rys of Cent America_ 100
Preferred
100
14.300 Interboro Rapid Tran v t c100
Iowa Central
100
100
7,600 Kansas City Southern
200 Preferred
100
50
600 Lehigh Valley
100
3,000 Louisville & Nashville
Manhattan Elevated guar_100
Modified guaranty
100
7,100
Market Street Railway _ ___100
Preferred
100
100
4,000 PrlOr preferred
Second preferred
100
700 Minneapolis & St Louis_.100
1,400 Minn St Paul & S S Marle_100
100
400 Preferred
Leased lines
100
7,500 Mo-Kan-Texas RR ..No par
2,600 Preferred
100
100
20,800 Missouri Pacific
7,400 Preferred
100
Nat Rya of Mex 1st pref 100
Second preferred
100
New Oil Texas & Mexico__100
59,700 New York Central
100
12,500 N Y Chic & St Louis Co_ 100
1.100 Preferred
100
37.700 NY N H & Ilartford
100
6,400 NY Ontario & Western_ _100
NY Railways pref cUs_No pa.
100 New York State Rallways.100
1.800 Norfolk Southern
100
37,500 Norfolk & %%cetera
100
200 Preferred
10(1
32,000 Northern Pacific
100
Pacific Coast
__ 4
100
16,000 Pennsylvania
50
700 Peoria & Eastern
IOC
4,800 Pere Marquette
100
300 Prior preferred
DX)
300 Preferred
100
166 Pitts Ft Wayne& Chic prof 10(
1,000 Pittsburgh & West Va
100
15,000 Reading
50
First preferred
50
1,400 Second preferred
40
800 Rutland RR pref
101
22.200 St Louis-San Francisco
100
1,000 Preferred A
100
1,600 St Louis Southwestern
100
Preferred
100
3,900 Seaboard Air Line
100
600 Preferred
100
32,600 Southern Pacific Co
100
17,700 Southern Railway
100
3,000 Preferred
100
5,800 Texas & Pacific
100
800 Third Avenue
100
600 Twin City Rapid Transit-100
56,600 Union Pacific
100
1,600 Preferred
100
United Rallwa s Investm1.100
200 Preferred
100
15.000 Wabash
100
5,300 Preferred A
100
100 Preferred 11
100
3.500 Western Maryland
100
2.700 Second preferred
100
1,100 Western Pacific new
100
800 Preferred new
100
17,400 wheeling & Lake Erie Ry_ _100
4,200 Preferred
100
118 Mar 30
84 Mar 3
3818 Jan 26
418July 31
2112Sept 10
3918June 21
1212Sept 16
138July 26
34 Apr 21
55 Mar 20
6212 Jan 4
32 Mar 3
82 Mar 2
27 Mar 3
7112Mar 3
434 Apr 10
2 Mar 18
120 Mar 30
117 Mar 30
130 Mar 3
93 Mar 11
3058 Mar 30
1934 Mar 30
6 Jan 25
201 1July 16
2778 Apr 15
13914 Star 30
84 Jan 7
6534 Mar 30
18 Aug 27
4858 Mar 30
19 Mar 4
67 Mar 3
79 Star 1
7034Mar 29
14212 Jan 2
85 Mar 30
79 Mar 30
40 Jan 5
40 Mar 30
42 Apr 8
85 Mar 30
8312 Apr 1
5712Mar 19
72 Mar 19
2712Mar 3
3112Mar 31
9618 Mar 30
10358Mar 30
8712 Apr 6
4218 Mar 30
1312 Jan 8
67, Sept 2'
1411251ar 30
7434 Jan 6
1934 Mar 3
65 Mar 2
3378 Star 30
68 Mar 30
57 Mar 29
11 Mar 3
1638 Mar 30
3314 Mar 30
771.2 Jan 15
18 Mar 30
37 Mar 30
Industrial & Miscellaneous.
2,600 Abitibi Power & Paper_No par
7034May 21
98 Sept 14
11614 Jan
9212 Feb
3 Jan
14714 Jan
71 Mar
6278 Apr
3514 Mar
89 June
3518 Jan
7278 Jan
3 Feb
48 Apr
Jan
56
13612 Mar
265 Mar
8914 Mar
10514 Apr
358 Apr
518 Apr
140 May
2934 Mar
40 Mar
9
Jan
1914 Mar
314 Apr
7 Sept
7 Apr
1272 Oct
47
Apr
10134 Apr
4018 Mar
92 Jan
82 Mar
441s Jan
60 Mar
62
Jan
14012 Den
98 Dec
1134 Dec
268 Dec
941.2 Dec
6734 Nov
5612 Nov
100
Oct
64 Nov
8334 Dec
1718 Nov
9258 May
59 May
152.58 Jan
321
Jan
13012 Dec
130 Dec
1058 Feb
1912 Feb
200 Dec
3814 Aug
5714 Jan
1.5
Feb
3232 Feb
1638 Jan
11 Nov
2812 Jan
22 Nov
8078 Del
120 Dec
5878 Dec
100 Dec
8912 Mar
701: Sept
6634 Dec
7614 Dec
New York Stock Record-Continued-Page 2
1738
For sales during the week of stocks usually Inactive, see second page preceding
DLIT)
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 25.
Monday,
Sept. 27.
Tuesday,
Sept. 28.
Wednesday, Thursday,
Sept. 29.
Sept. 30.
Friday,
Oct. 1,
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
or.
Lowest
i per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscel. (Con.) Par
1,200 Abraham & Straus__-No par
584 5912 5812 5812 *56
58
59
*55
58
58
5812 *55
100
111 in *110 112 *11014 112 *11014 112
*10914 111 *10914 111
100 Preferred
Albany Pert Wrap Pap_No par
*2612 2712 *2612 2712 *2612 27
*2612 29
*2612 27
*2612 27
100
100 All America Cables
*142 148 *142 148 *142 148 *142 148 z142 142 *142 148
100
132 13278 *129 132
800 Adams Express
131 131 *130 132
131 132 *128 132
100
2012 2133 1813 2114 19
1958 1812 1834 19
1912 19
1938 18,900 Advance Rumely
100
5834 6212 5834 6018 59
5912 5914 5912 8,200 Preferred
6253 64
5934 59
1
Ahumada
Lead
1,500
7
714
714
758
7
714
7
3
8
*714 78
713
758 753
13514 137 213214 13334 13178 13438 7,200 Air Reduction, Ine____No par
132 13314 13112 13134 133% 135
No par
812 858
812 812
838 853
812 853
84 812 2,900 Max Rubber, Inc
83s 812
118
*1
14 *1
100 Alaska Juneau Gold Min__ 10
14 14 *1
118
118 *1
Ds *1
13938 1414 23,600 Allied Chemical & Dye_No par
13714 139
14214 14414 14112 14418 139 14178 13912 141
100
*12012 121 *12012 121
700 Preferred
120 12012
12012 12012 1204 12012 120 120
100
91
92
8838 894 89
88
88
92
8978 8958 92
9314 22,800 Allis-Chalmers Mfg
100
*10712 10834 108 108 *107 110 *108 110 *108 110 p108 110
100 Preferred
No par
3158 3173 3112 3178 3114 324 3114 3178 31
3112 11,100 Amerada Corp
3112 31
1553 1558 1578 1578 1534 17
1838 1638 *1513 1612 1553 1534 1,700 Amer Agricultural Chem-100
100
5238 5314 5114 5178 5114 5434 *5214 54
5312 5312 5214 5214 4,300 Preferred
10
3,600 Amer Bank Note, new
*4014 4012 404 4014 4018 4018 40
41
4012 43
*3978 41
___
50
53
Preferred
*51
*51
58
*51
58
*51
*51
58
*51
58
58
2314 2314 *2314 2338 2314 2312 2312 2312 23
100
900 American Beet Sugar
2312
2312 *23
100
300 Preferred
61
6114 *60
*6114 64
60
60 '559
65
*5814 60
60
2,900 Amer Bosch Magneto__No par
20
2012 1934 2012 1934 20
20
20
20
2012 1978 20
140 140
141 141
140 14258 141 142
140 143
140 14034 4,600 Am Brake Shoe & F___No par
100
0113 118 *112 11734 112 118 *112 118 *112 118 *112 118
Preferred
454 4512 45
4514 4412 4538 444 45
4534 12,100 Amer Brown Boyer'El_No par
44
4514 45
100
97
97
400 Preferred
x9618 9614 *96
*96
*96
97
97
9512 96
97
25
5438 5612 5433 5573 5438 5538 5418 547
5358 5412 5453 5512 83,000 American Can w I
100
12378 12378 *12214 124
124 124
500 Preferred
12312 12312 123 123
12212 124
101 10118 9958 10114 100 10012 995 9958 1004 10012 1004 10078 3,900 American Car & Fdy_--No par
100
*12414 127 *1241
100 Preferred
___ 12834 12634 *126 127 *125 12612 *12312 12534
500 American Chain,class A__ __25
2518
*25
2518 25
2434 25
*24344 25 *2473 25
*2412 25
American Chicle
No par
*35
*35
38
3714 *36
*35
38
38
*35
3812 *35
374
37 4._ _5_ 37
___ 364 *_ __ _ 3612 3612 3612 *--- 38
No par
100 Do certifigstes
918 4,600 Amer Druggists Syndicate-10
6 9
9
8% 94
873 9
9
9
9
100
13014 13312 5,000 American Express
12514 12612 125 12558 12712 12712 12614 12612 127 129
1513 1612 1434 1534 25,300 Amer & For'n Pow new_No par
1634 1712 1614 17
1814 174 18
18
No par
8214 8512 79
8512 87
*8758 8734 8738 8734 8714 88
8212 6,700 Preferred
100 American Hide & Leather_100
814 814 *734 812
812 *814 834 *814 834
*8
812 *8
100
40
4134 41
43
42
424 *42
4112 1,500 Preferred
4212 4212 *42
43
2614 2633 2614 2614 26
1,800 Amer Home Products- _No par
26
2633 2618 2613 2558 2558 26
100
12638 1263* 12612 12712 10,200 American Ice
126 13034 12612 12912 12614 127
129 131
100
Preferred
8373 *8212 8378 *8212 8378
*8212 8334 *8212 8334 *82
8373 *82
2,800 Amer International Corp_100
334 34
3314 3212 33
33
3314 3314 3312 33
*3214 34
13
2,600 American La France F E-__10
13
13
*13
1312 13
*1278 13
1314 13
1314 13
100
15,400 American Linseed
3258 3312 32
34
3712 30
3858 3858 *36
3812 36
33
100
7034 71
7014 7212 3.300 Preferred
7573 7578 7134 7412 6834 72 _
*75
78
10512 10578 10512 10hz 10512 10674 105 10531 1047g lows log% 1o658 13,000 American Locom new _ _No par
100
300 Preferred
*117 11712 11712 11712 11712 11712 *117 11738 117 117 *117 11778
74
*7212 74
700 Amer Machine & Fdy--No par
74
*7212 74
*73
74
*7212 74
*7212 74
Preferred
100
*121 125 *121 125 *121 125 *121 125 *121 125 *121 125
47
48
48
48
4,49
4912 4734 49
4718 4712 4773 2,700 Amer Metal Co Ltd---No par
47
100
Preferred
*112 115 *112 115 *112 115 *112 115 *112 115 *112 115
7012 7212 6834 7012 68
6814 69
69
6912 72
6834 6938 26,700 Am Power & Light____No par
25
11234 11412 11312 1154 113 11412 3,400 American Radiator
11412 11412 115 115 *11412 115
100 Amer Railway Express-_100
*8218 8478 *8212 84% *824 8478 *82'8 84
827s 8278
*8218 84
*50
*50
58
55
55
*50
57
58
200 American Republics___No par
*45
32
*45
52
4,300 American Safety Razor__ 100
66
66
658 66
*6534 6614 6534 66
6712 69
6513 67
7
*678 7
6,700 Amer Ship 43 Comm___No par
738
8
8
84 858
712 933
8
8
139 14212 13538 13934 13714 14073 13934 14138 13914 14078 14058 142 132,900 Amer Smelting & Refining-100
100
*119 11918 119 11918 *119 11912 119 11914 11912 11912 11912 11912
700 Preferred
100
*125 130 *124 130 *124 130 *125 12712 *125 127 3 *125 12712
American Snuff
4412 44
444 444 44
4418 4418 4438 4418 4458 434 4312 3,100 Amer Steel Foundries_ _No par
100
111 111 *111 11114 *111 1114 1114 11114 *111500
*11012 112
Preferred
_.
100
10,500 Amer Sugar Refining
7612 7638 7814 77
7638 76
76
7614 76
7734 7714 /8
100
1,200
10234 10234 10278 10278 10212 10212 10273 10278 1027 103
Preferred
10312 10312
3912 17,200 Am Sum Tob new ctfs_No par
3873 39
374 3612 3814 38
3578 364 3614 3634 36
100
Option A ctfs
___ ___
*3012
*3012
3112
3112
*3012
Amer Telegraph & Cable 100
3112
31
*3012 31-12
;55is -31 *304
100
14534 14638 14618 14634 14612 14634 14633 14658 14574 14614 146 14638 6,600 Amer Tel%) dr Teleg
50
122 12238 12112 12112 120 12234 1208s 12038 *12034 1234 12058 12234 8,500 American Tobacco
100
11012 11012 11034 11034 110 110
700 Preferred
11053 11038
11012 11012 *110 111
50
12014 12133 12018 12018 121 12218 9,600 Common Class 13
1221g 1224 12118 1217 12014 122
300 American Type Founders_100
11758 11812 *11812 119
11818 11818 11834 11834
*11814 120 *11912 121
20
6018 5912 5934 5812 59
5914 5912 384 5912 59
58
5812 3,900 Am Water Works & Elee
109
1st preferred (7%)
*10314 10634 *10314 10634 *10314 10634 *10314 10634 *10314 10634 *10314 10634
100
3034 30'4 3034 5,700 American Woolen
2878 2914 29
30
3018 2912 3013 2912 30
100
600 Preferred
7912 7912 79
80
80
80
7912 794
79
794 7912 80
4.78 1
*78
1
78
78
*13 1
300 Amer Writing Paper pref--100
1
1
*78
1
Preferred certificates- _loo
*52 112
*52 112
*58
132
*5s
112
*53 114
*34 112
500 Amer Zino, Lead & Smelt-__25
634 678
612 634 *612 634
*634 714 *634 74
634 634
25
100 Preferred
*321g 34
*32
34
324 3218 *32
*3212 34
3334 *3218 34
484 4858 484 4914 4813 49
4858 4933 4834 4938 4918 5014 35,100 Anaconda Copper Mining_50
100 Archer, Danis, mitlyd_No par
*4012 4212 *4012 4212 *4012 4212 4212 4212 *4012 4214 *4012 4212
100
100 Preferred
105 105 *10412 1083s *10412 10834 *10412 10838 *10412 10838 *10412 10838
100
9412 94
100 Armour & Co (Del) pref
9412 *94
9412 *94
9412 *94
944 *94
94
*94
16
1638 6,100 Armour of Illinois Class A..25
1614 1614 1638 1612 16 1614 16 1618 16 16
25
94 918
914 934 5,200 Class B
918 914
914 933
958 958
912 934
5 per share
43 May 20
10418 Mar 19
27 May 4
131 Jan 6
9978Mar 18
10 Mar 19
4814May 11
7 Oct 1
10714May 19
712May 11
1 Sept 16
106 Mar 30
11834 Mar 20
7814 Mar 26
105 Apr 7
• 2414May 20
15 May 20
51 May 20
3458 Mar 31
55 Jan 15
2012Sept 13
5933Sept 14
16 May 19
110 May 19
11014Mar 24
3014Mar 29
8812Mar 31
3874 Mar 30
121 Jan 4
9112Mar 31
12312 Apr 7
234 Mar 30
3718 Mar 31
3412Mar 31
414 Jan 5
10578 Mar 31
1434 Oct 1
79 Oct 1
7 May 10
3312May 7
2433May 20
109 Mar 31
8214 Sept 9
3134July 19
1214Sept 2
2814 Apr 21
6834Sept 29
9014 Mar 31
116 Aug 9
711.1 Aug 5
114 July 15
47 Mar 30
11312 Apr 15
5034May 19
10114May 19
7738Mar 31
50 June 15
42 Apr 14
512 Jan 2
1095a Apr 21
11273 Mar 31
122 June 28
40 May 11
11014Sept 21
6514 Apr 14
100 Jtme 19
2914 Aug 13
1412 Apr 28
2512 July 6
1395sJune 18
11138 Mar 31
10618 Jan 4
11018 Mar 31
114 Jan 22
4334 Apr 13
19112 Mar 3
19 June 9
66 Apr 30
12 Aug 13
12 Aug 4
518May 19
20 May 19
4112Mar 30
3474June 11
100 Mar 4
9014May 21
1318May 22
Preferred
100
2,300 Amn Cons Corp tam ctf NO par
600 Art Metal Construction____10
No par
300 Artioom
100
100 Preferred
_ _
___ 0110 11018 11018 11018 0110
0110
__ *no___ *no
*42
424 424 4238 *4212 -43
1,900 Associated Dry Goods----100
*42 1212 42 -4314 4213 -43
1st preferred
100
200
100 100 *100 102 *100 102 *100 102 *100 102
*98 100
100
100 2d Preferred
0104 106 *105 106 *105 108 *105 107 *10412 1054 10534 10534
25
*wiz 53
100 Associated Oil
5252 52
52
*51
*5012 53
*51
53
5258 *51
_100
Gulf
&
W
289
Line_
Atl
7,500
364
364
354
3512
4
35
5
8
373
*3712
3812
38
3912
40
*3912
100
800 Preferred
3812 3838
3812 4034 *3834 40
41
*40
*40
42
*40
41
100
10914 10978 1094 11118 7,500 Atlantic Refining
10912 11018 10914 110
11112 11112 11012 111
199
11514 11514 1154 1154
200 Preferred
5115 120 *115 120 *115 120
*115 118 '
5934 *59
5912 *59
No par
400 Atlas Powder
60
6018 5912 5912 59
5912 5912 *59
Preferred
100
*9512 98
*9512 98 .*9512 98
*95
98
*957 98
*954 98
No par
*934 10
900 Atlas Tack
9
*934 10
934
*934 10
*934 10
*934 10
912 978 1938 1038 10
918 19
938 10
1034 2,500 Austin, Nichols&Co etc No par
1034 1034
100
57
60
2,000 Preferred
63
owl 6412 65
58
58
60
6258 6278 60
Auto Knitter Hosiery_No par
*14
38
*4
33
*14
4
*14
511
58
*14
*14
4
12012 12112 121 12512 123 12534 12112 12434 122 12334 12338 12538 118,500 Baldwin Locomotive Wks 100
100
111 111 *11014 111
100 Preferred
011014 11312 *1104 11312 *11014 11312 *111 112
25
2634 2678 2634 2678 2612 2634 26% 2612 2633 2634 6,100 Barnsdall Corp class A
2673 27
23
2312
2312
25
*2312
Class
B
200
*24
2312
2312
25
25
*24
25
'24
Bavuk
par
No
Cigars,
Inc
1,000
474
3
4812
4
612
46
4612
*46
4612
4613 *464
*4512
47
48
20
1,500 Beech Nut Packing
57
58
5614 574 57
58
5812 *5734 58
58
58
58
297 3072 6,100 Beld'g H'way Co tom ctfNo par
2834 2834 30
28
294 2738 29
293* 2912 29
100
4982 4882 4618 4858 4918 49
49
5018 34,400 Bethlehem Steel Corp
4973 5082 4912 50
100
10338 10333 10312 10412 10334 1044 10334 10413 4.200 Preferred (7%)
1,10318 10334 10312 104
*3212 3334 3238 3338 3212 324 3212 3278 3234 3234 3212 3234 2,100 Bloomingdale Bros.-No par
100
200 Preferred
5109 110
108 109 *108 109 *108 109 *108 110 *108 110
No par
100 Booth Fisheries
*55/1 64
*514 814 *658 IA
558 558 *558 6
*534 814
100
3512 3512 *30
1st Preferred
200
37
40
*35
*35
37
*35
37
*3512 37
500 Botany Cons Mills class A50
2512 2512 2534 254 2512
2512 2512 *2514 2512 2512 2512 *25
3012 3034 3012 3034 3018 3014 *3012 304 304 3058 3,800 Briggs Manufacturing_No par
3012 31
*12
1
*12
1
100
*12 1
200 British Empire Steel
12
12
*12 1
*12 118
1st preferred
100
*912 23
*212 23
*912 25
*912 30
*912 30
*912 30
100
500 2d preferred
14 138
*1% 234 *134 3
*134 3
*134 3
*134 3
100
155 15512 15534 15738 15684 16032 160 16234 15914 16134 161 16214 27,600 Brooklyn Edison, Inc
9414 954 28,000 Bklyn Union Gas
95
No par
94
9112 9112 9212 99
9412 96
9112 92
100
3458 3514 *3412 35
1,200 Brown Shoe Inc w I
3412 3412 35
*3412 35
35
*3434 35
Preferred
100
_ *108
*108
*108
_ *108
108_ *108
5-,800 Brunsw-Balke-Collan'r_No par
- - 3358
8 3558 -3114
364 1.1188 36'8 16
3512 8
1i78- 3312 -337
200 Burns Bros new clAcom No par
134 13514 *134 13512 *134 13513
135 135
0135 136
135 135
New class B corn_ __ _No par
*32
33
*3214 3334 *32
*32
34
*32
34
3212
*32
34
100
100 Preferred
*99 10212 100 10212 *100 102 *100 102
102 102
*99 103
115 11512 1.600 Burroughs Add Mach__No par
115 1141, 11312 115
1141, 1151, *1141, 116
115 115
•Bld and asked prices; no Bales on this day. S Ex-dividend.
80 Apr 30
18 Apr 12
1918 Jan 2
46345ept 23
108 Mar 18
3714Mar 30
96 MbX 25
102 May 19
4434 Jan 6
3318 Mar 31
3514 Apr 16
97 Mar 3
11518 Oct 1
54 Mar 4
94 Jan 8
9 July 1
8 July 30
57 Sept 29
%Sept 18
9278 Mar 31
105 Mar 31
2312May 11
23 July 14
*8614
24
*21
4512
*86
87
24
24
2214 *21
4812 *48
87
24
2214
51
*85
*23
*21
*4812
*85
87
2312
24
2214 *21
4812
50
*85
87 .85
87
2384 *2312 24
2384
2214 *2134 2214 2214
4812 4912 4912 .49
87
2334
234
5 1
ner
Range Since Jan. 1 1926
On basis of 100-share lots
534max20
39 Mar 31
5318 Apr 13
2758SePt 28
3714May 20
99 June 1
28 June 11
10414June 21
413 Mar 24
35% Apr 15
20 May25
25 May 10
12may 5
934June 29
112June 24
133 Mar 31
68 Mar 30
2912June 1
107 June 5
2438 Mar 30
121 Mar 31
2972 Mar 31
97 Mar 30
7713 Apr13
Highest
Rangefor Previous
Year 1925
Lowest
Highest
$ per share $ per share $ per share
5912Sept 27
111 Sept 28
2734June 23
4 Oct
155 July 24 119 Jan 1333136 Sept 22
90 Apr 11714 Oct
13 Apr 20 Oct
22 Sept 24
6534Sept 24
47 Feb 6214 Oct
74 Oct 125a May
913 Jan 4
1451,2 Aug 9
8634 Jan 11733 Dee
16 Feb 10
93s Dec 1578 Jan
212 Oct
Jan
2 • Jan 4
1
80 Mar 11653 Dec
147 Sept 22
12214 Aug 17 117
Jan 12114 Nov
9458 Jan 14
7112 Jan 9714 Dec
11012May 24 10314 Jan 109 Dec
3278 Aug 9
8 Oct
1312 Mar 2973434 Jan 14
9612 Jan 14
3612 Mar 8212 Dee
4378 Jan 8
3912 Dec 4433 Dec
5812July 10
5312 Jan 5812 Sept
3834 Feb 5
2938 Oct 43 Jan
83 Feb 24
78 Dec 8773 June
3438 Jan 4
2618 Mar 5412 Jan
180 Feb 2
9014 Mar 156 Dee
12814 Feb 18 10712 Jan 11458 Dec
50 Aug 9
4734 Dec 5373 Oct
9713 Jan 16
9018 Nov 98 Dec
634 Aug 4
4714 Dec 4934 Dee
12678July 27 115 Jan 12178 Sept
11473 Jan 12
9712 Apr 11534 Sept
12914June 23 12034 Apr 128 July
2213 Oct 27 Feb
2614July 20
51 Jan 4
37* Jan 62 Apr
4714 Jan 7
37 Jan 5812 Apr
634 Jan
1038 Aug 19
414 Dec
Jan
140 Jan 6 125 Apr 166
2714 Apr 5138 Sept
423* Jan 2
98 Feb 13
87 Jan 94 Feb
1712 Feb 9
812 Mar 1438 Dec
6714 Feb 9
5812 Sept 7578 Jan
2634 Apr 29 ___ --- - - - - --136 June 8
83 Mar 139 -Deo
8634June
7412 Mar 86 July
3218 Mar 4673 Nov
4634 Feb 1
1578 Jan
1114 Jan 20 Nov
5278 Jan
20 Mar 5914 Nov
Oct
87 Jan
53 Jan 89
19412 Jan 14474 Mar
1198 Jan
12014 Feb 1
115 Aug 124 Feb
8012 Aug 1
122 Aug2.5733 Feb 1
4534 Mar 5758 Oct
120 Feb
111 Mar 119 Nov
72l Sept
12238 Aug
8978 ion 12212 Nov
8412Sept 2
z76 Sept 84 Jam
74 Jar
48 Jan 7934 Dee
7034 Aug 1
368 Jan 7634 Nov
1178 Marl
518 Dec 1412 Feb
9038 Mar 14412 Dec
152 Aug 1
12014 Aug 1
10512 Jan 11514 Oct
13814 Apr 154 Nov
11'5 Feb
47 Aug
3758 June 4712 Dec
108 Jan 11318 Oct
115 Feb 2
4758 Jan 7738 Dec
8234 Feb
9114 Jan 10414 Nov
10758 Aug 13
3912 Oct 1__36 Aug 19
4 June 47 -Feb
3734118 Feb 10
15034 Feb 15 13038 Jan 145 Dec
85 Feb 12112 Oct
12434Sept 8
113 May 26 10412 Jan 110 Nov
8412 Feb 11912 Oct
124 Sept 8
135 Feb 13 103 Apr 13533 Nov
3438 Jan 7614 Dec
74 Jan 4
9714 Aug 103 Feb
10814 Jar 27
3434 May 6434 Jan
4278 Jan 13
6912 May 9618 Jan
8934 Jan 4
712 Jan.
112 Dec
558 Jan 13
12 Dec
4 Jan
44 Jan 13
7 May 1212 Jan
1218 Feb 4
247 May 4473 Dec
4813 Feb 4
3514 Apr 5314 Nov
5174 Aug 6
Jan 4612 Dee
26
4434 Jan 2
9012 Jan 105 Oct
105 Jan 4
904 Mar 100
Oct
9778 Jan 13
20 Mar 2712 Oct
2512 Feb 13
16 Dec 2034 Oct
17 Jan 4
90 Dec 9314 Nov
93 Feb 11
8 Jan 1768 Oct
3134 Jan 6
15 Jan 2032 Nov
2312 Jan 26
39 June 6034 Dec
6312 Jan 21
11134 Feb 1 10112 Aug 110 Dec
4612 Aug 6138 Nov
547 Jan 9
94 Jar 102
10212 Jan 6
Oct
Jan 10814 Feb
108 Jan 28 101
32 Mar 4714 Dec
60 Mar 4
20 Jan 77 Sept
6858 Jan 6
31
Jan 60 Sept
5614 Jan 30
9512 Jan 11712 Feb
12838May 24
120 June 22 113 Sept 11734June
45 June 65 Dec
61 Aug 28
9718 Aug 16
9012 Oct 94 Jan
1712 Jan 30
913 Feb 21 Dee
28 Jan 29
22 July 324 Jan,
93 Jan 6
8733 Jan 95 Aug
12 Dec
24 Feb 11
414 May
13612 Jan 4 107 Mar 146 Feb
114 Feb 6 107 Aug 116158 Jan
3312 Jan 2
1834 Aug 3312 Dec
2912 Jan 2
16 Aug 30 Dec
5078 Aug 9
384 Sept 534 Feb
7178 Feb 4
60 Mar 7734 Aug
37 Sept 4138 Deo
3934 Jan 4
5118Sept 20
37 June 5312 Jan
Jan
105 Feb 2
9314 June 102
35 Sept7-109 Sept 27 .- - - ---- .. ---934 Jan 11
873 Oct
44 May
5112 Jan 7
25 June 52 Oct
4118 Jan 4
405a Aug 46 July
27
Oct 44's May
3712 Jar 4
3 Jan 18
5 Oct
15s May
27 Jan 28
Oct
22 July 36
1014 Jan 11
14
Oct
638 July
163 Sept 8 12038 Jan 15612 Nov
974 Aug 6
7318 Dec 10014 Nov
4858 Jan 7
46 Dec 464 Deo
Oct
111 Mar 10
96 Mar 109
3934Sept 15
24 June 493* Jan
144 July 23
9213 Feb 136 Dec
44 Feb 13
17 Mar 39 Dec
10312june 22
9112 July 99 Oct
63 Jan 103 Sept
11712Sent 13
New York Stock Record-Continued-Page 3
1739
For sales during the week of stocks usually inactive, see third page preceding
r HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
1 Saturday,
II Sept. 25.
Monday,
Sept. 27.
Tuesday,
Sept. 28.
Wednesday, Thursday,
Sept. 29.
Sept. 30.
Friday,
Oct. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ Per share $ per share $ Per share $ Per share $ Per share 8 per share Shares. Indus. & Miscall.(Con.) par
28
28
I *28
28
2912 28
*2712 28
2712 2712 2712 2712
500 Bush Terminal new_ ___No par
*9234 98
*9214 98
*9214 98
Debenture
*9254 98
*93
100
98
*9114 9278
•1024
*10212 10312 *10212 _ _ •10218 . __ *10212 _ _ *10218 10314
Bush Term Bldge, pref__100
*412 -43-4
434 43
412 112
45* -458 *452 1,4
900 Butte Copper dr Zino
5
45
454
6472 6313 6312 59
60
6158 62
6014 5,700 Butterick Co
100
62 , 584 6012 60
*97 10
912 912 *912 10
10
954 954 10
10
1014
800 Butte & Superior Mining
10
7114 7314 73
90
7484 79
7312 8312 80
76
8214 25,800 By-Products Coke.. _No par
76
39
39
3954 40
40
4012 *3958 40
*39
40
1,600 Byers & Co (A M)_ _ _ _No par
40
*39
70
70/
1
4 70
7184 70
7012 70
704 698 70
694 6944 4,900 California Packing_ _ _No par
3214 3214 32
3258 3172 32
3158 32
3158 317
14,600 California Petroleum
25
3158 32
114
114
134
17
178
178
178
178
172
1
178
17
10
2.700 Callahan Zinc-Lead
6712 6754 664 6784 67
6712 6612 68
10
6814 68
6958 2,900 Calumet Arizona Mining
1067
*17
1712 1712 1714 *174 1754 1712
25
175* 1784 178 1712 1754 2,300 Calumet & Hecla
158 15812 153 15612 15012 155
100
153 15512 15514 15812 159 16312 9,800 Case Thresh Machlne
111 111
11014 11014 *11012 112
100
111 111
11012 11012 *110 112
850 Preferred
884 854
85* 878
814 914
100
84 8%
9
3,200 Central Leather
9
854 914
5614 567
574 577
57
100
5814 5612 58
6014 17,300 Preferred
5858 5912 58
•15
17 .15
1652 •15
1612 16
1612 16
16
16
*15
700 Century Ribbon Mills. No par
*80
89
*80
89
*80
Preferred
100
89
89
*80
*80
89
89
*80
64/
1
4 673s 635* 64
66/
1
4 20,400 Cerro de Pasco Copper_No par
65
64
65
6512 6414 65/
1
4 64
*41
42
41
4114 41
4114 411
/
4 4112 4112 424 4212 4314 6,300 Certain-Teed Products_No par
•105 110 *10512 106
106 106 *105/
100
1
4 110
10512 110 *10512 110
100 let preferred
*14
1412 *14
1412 13
1412 *13
14
*13
14
*13
400 ChandierClevelandMOtNOpar
14
31
31
*3012 31
No par
3012 3012 2958 30
1,600 Preferred
294 293 297a
29
4.110 114 *109 114 *109 114 *109 113 *109 11312 11014 111
200 Chicago Pneumatic Tool_ _100
51
51
511
/
4 5114 51
No par
51
52
*51
51
600 Childs Co
52
51
4'51
3234 327g 3238 3253 3258 33
25
33
3314 331s 3358 3338 3376 12,800 Chile Copper
*18
24 .18
24
*20
5
24
24
300 Chino Copper
•20
*20
24
24
24
•37
38
*3714 38
7
37% 37/
1
4 3714 3714 3718 374 37
1,400 Christie-Brown certifs_No par
3
7
3472 3512 3414 355* 34/
1
4 3518 341
/
4 35
345* 3514 3358 3518 56,900 Chrysler Corp new_ _ _ _No par
•102 10214 *10172 102 •10178 10214 10184 10178 *10158 10114 10152 10152
No par
900 Preferred
*64
65
6484 644 65
65
400 Cluett, Peabody & Co____100
6412 6412 64
64
*6312 6412
*114 116
11312 114
11312 11312 114 114 *114 116 -- - ------600 Preferred
10
16012 162
15912 16254 15612 15972 1555 15712 15552 15912 159% 16
No par
22.600 Coca Cola Co
*5612 58
5612 57
5512 3,500 Collins & Alkman
No par
564 5678 55
5514 54
557
55
*11412 11614 *112 116 *112 115
11214 11278
100
113 113 *112 115
400 Preferred
4412 4558 4412 447
4414 463
100
4514 4612 455* 4712 4712 483* 30,600 Colorado Fuel & Iron
865
6512 65
6512 65
6514 65
6518 6412 654 6511 6512 1,700 Columbian Carbon v t c No pa
82
83
82
8212 8212 8252 811
8212 82
82
No par
/
4 82
8284 3,600 Col Gas & Elea
11414 11414 *11414 11412 11414 11518 *114 115 *114 11412 11418 11438
100
1,600 Preferred
*273 28
2712 2712 *27
2712 27
27
27
27
27
27
800 Commercial Credit_ _ __No par
2312 2312 *23
24
*23
24
24
*23
*23
24
24
*23
25
100 Preferred
*24
2412 *24
25
*24
25
24
24
*24
25
26
•24
25
100 Preferred B
93
93
*93
97
93
93
100
99
*93
93
98
93
*93
500 1st preferred (61.i)
*6112 6334 *6112 6184 *6112 635 *6112 6334 .6112 6354 *6134 6334
Comm Invest Trust.__No par
896 100
.96 100
*96 100
7% preferred
*96 100
100
*96 100
*96 100
*905 9212 *9018 9215 *903 9218 *9018 9218 *9058 925 *903* 9218
Preferred (63)
100
179 18214 17914 18214 178 18712 18754 19558 19
0* 20234 12738 20484 47,100 Commercial Solvents B No par
251s 2512 26
2678 2618 2652 255* 2614 25
253* 251,2 257 34,800 Congoleum-Nairn Ino_No par
47
4714 47
485* 49
515
No par
5118 52
501g 5178 21,400 Congress Cigar
5112 53
*II
82
412
so
413
28
*12
28
*12
58
*12
Conley Tin Foil stpd_ _ _No par
48
76/
1
4 7714 7634 78
46,900 Consolidated Cigar
No par
77
7814 77
80
7812 785* 7914 79
*90 102
*90 102
*90 102
Preferred
*92 102
100
*96 102
*92 102
2% 3
27
3
254 278
7
234 278
25* 25
5,200 Consolidated DIstrib'rs No par
23
4
2
10912 110
108/
1
4 10912 10854 111
53,700 Consolidated Gas(NY)No par
3* 110
10912
11114
8
III%
109
1091
2
2
2
2
2% 218
24 24
24 218
218 214 3,900 Consolidated Textile_ __No par
747 7512 7414 754 7214 747
7318 735
75
75% 11,700 Continental Can, Inc_ _No par
7312 74
13412 13412 13412 13412 *13412 13612 1345*
25
13434 *13412 135
13454
13412
700 Continental Insurance
1052 11
1014 107
1054 107
1078 111s 1078 11
11
Ill 15,400 Cont'l Motors tem ctfs_No par
4512 46
4511
/
4 4614 4514 463* 46
1
Corn Products Refin w I
467
111,300
468
4
25
48
48
4812
*124 127 *1241
/
4 127
125 125
125 125 *125 12514 126 12612
600 Preferred
100
56
5758 564 5758 56
5612 555* 553
5514 561
/
4 4,000 Coty, Inc
No par
55
56
7514 7512 *7412 7514 7312 7412 74
Crucible Steel of America_100
74
1,500
74
74
7414
75
*100 101 *100 101 *100 101 *100 101
/
4
100 Preferred
100
10012 1001
*100 101
34
3414 34
3434 3358 34
34
3434 34
No par
341
341a 3438 4.500 Cuba Co
97
*912 952
9/
1
4
912 97
912 97
912 912 7,500 Cuba Cane Sugar
No par
912 912
*44
441
/
4 4312 4514 44/
1
4 454 4412 45'2 44% 441
4452 12,300 Preferred
100
/
4 44
*25
2512 25
25
25
2514 254 257
7,500 Cuban-American Sugar__ _ 10
2512 2558 2512 26
•101 1031 *101 1031 *101 10312 *101 1031 *101
Preferred
100
10312 *101 10312
*1514 17
1512 151 •1552 1718
*1614 17
200 Cuban Dom'canSug new No par
UN 161 *1614 17
1054 10512 10518 106
10518 108
100
105 1057a 8,300 Cudahy Packing
10612 10684 10552 106
11'9712 100
*9712 1O04 10014 10014 *9814 10083 10012 10012 100 1003a
No par
1,000 Cushman's Sons
4413 44
*44
44
*4412 4412 *44
No par
44/
1
4 441
/
4 4512
441 *44
800 Cuyamel Fruit
34
3414 3312 3413 3414 3412 3212 3458 3212 3414 34
3434 11,200 Davison Chemical v t c_No par
•137 139
137 137
13612 13712 138 139
100
13814 13812 1374 139
2,000 Detroit Edison
3612 3512 36% 367 4,36t4 304 3614 36u *3612 37
36
36
800 Devoe dr Raynolds A__No pa
273* 2754 27
271
2612 2752 2612 2714 2658 274 2612 2754 51,000 Dodge Bros Class A___No par
8712 8784 8758 871 x8514 8612 855* 855* 8414 8514 84/
1
4 85
4,300 Preferred malts
No par
*11
ill *11
1072 11
11'8
No par
1072 lO7s 51014 105
2,000 Dome Mines, Ltd
104 103
3714 375
3712 375* 3712 3758 3612 371 *35
37
*35
37
900 Douglas Pectin
No par
*11484 1l51 115 115
115 115 *11454 115 *11484 115
11484 11472
500 Duquesne Light lot pref___100
11654 11714 11712 1l77a 117 11734 117 1175* 11738 118
11718 118
4,400 Eastman Kodak Co_ - -No par
26
27
2612 267
257 2654 255 2612 254 2614 26
2658 4,900 Eaton Axle & Spring_ _ _No par
31512 32014 32012 3267s 326 334 8 33134 336
42,900 E I du Pont de Nem Co__100
330 33712 34124 353
•106 10712 *106 10712 10758 10758 *107 107/
1
4 *10714 10712 10712 108
300 6% non-vot deb
100
1318 134 *1312 13'3 13% 1312 1314 1314
13
13
900 Elsenlohr & Bros
13
135*
25
67
67
6612 68
*6712 6854 *68
900 Electric Autollte
683
6814 6814
683* *68
No par
1014 1012 101s 101
95* 10
94 94 18,300 Electric Boat
No par
934
853 978
9
18
181
/
4 1734 181/4 1758 1814 1752 18
8,000 Elec Pow & Lt ctis. _ _ _No par
174 175* 1712 177
•10358 106 *10212 106 *10212 10312 *102 10312 *10134 10312 102 10312
40% 133 Pd
•10112
_ *10212
-- *10212
Pref full paid
__ •102
__ ___
_ •101
___ *101
*94 -95
95 -95
95 -95
944 -0414 -9414
*944 -95
iiio Preferred certifs
95
6258 627
62
6254 6158 62
20,700 Electric Refrigeration_ _No par
6184 5854 615* 61
5858
613
4
88
8914 89
8912 88
8978 8834 90
89
89 4 *885* 8914 3,500 Elec Storage Battery_ _No par
*170 3
•154 3
*184 3
*13* 3
*184 3
Emerson-Brantingham Co_100
*134 3
•14
16
*14
16
1014
16
14
14
.14
200 Preferred
1914 *14
1912
100
66
66
6612 6612 6658 6658 66
900 Endicott-Johnson Corp... 50
66
674
67
67
67
119 119 *11912 120 *11914 120 *11914 120
11914 11914 11914 11912
600 Preferred
100
12212 12212 12258 1225s 12214 12214 122 122
1217s 122 *12134 123
600 Equitable Office Bldg pfd.100
533* 5312 54
55
53
5312 5312 *5312 54
5378 5314 54
2,600 Eureka Vacuum Clean_No par
*144 15
*1412 15
*14/
1
4 15
1514 *1514 1614 3,400 Exchange Buffet Corp_No par
143 1512 15
35
*
35*
35* *3
100 Fairbanks Co
*34 35*
314 34 *3
*3
*3
312
25
4
63* 463* 4714 48
*48
49
49
•48
4712 4778 *47
49
900 Fairbanks Morse
No par
*108 111 *108 111 *108 111 *108
111 *108 111 *108 111
Preferred
100
11684 1177 11618 11712 11612
119 12112 135,400 Famous Players-Lasky_No par
11858 11714 11812 118 120
*120 121 *119 121 *119 121
120 120
12054 12214
*119 120
1,200 Preferred (8%)
100
32
3214 32/
1
4 34
3384 3414 3314 3414 *3312 3354 3214 34
12,500 Federal Light & Traci
15
*8612 90
_
9112 9112 .90
*90
93
*90
93
Preferred
93
100
No
par
*79
80
80
*87-8385
85
85
85
8614 864 *83
85
800 Federal Mining & Smelt.g_100
7214 7214 7512 751
/
4 74
74
74
7314 7314 1,000 Preferred
*74
7512 74
100
2190 199 *190 195 .19112 192
19112 19112 191 199 *19112 199
100 Fidel Phan Fire Ins of NY. 25
015
1714 *15
1712 *15
1712 *15
1712 *15
Fifth Ave Bus tem ctfs.No par
1714 *15
1714
*98 101
*98 101
•98 101
*98 101
*98 101
*98 101
First Nat'l Plc, hat prat_ _100
2,311, 33
awe 33
.31
32
3112 3112 314 3112 *3118 33
500 First Nat'l Storm
No par
1712 177o
1712 177
17% 1734 1612 1734 1612 1718 16% 1714 17,800 Fisk Rubber
No par
79
*7934 804 79
*79
81
*79
81
*79
81
79
80
700
bit preferred stamped_ __100
98
98
9714 97'2 9714 9714
09714 100
*97 101
*9714 100
900 151 preferred co Iv
100
49
49/
1
4 4858 4934 4834 4914 48% 48% 485* 48% 4812 49
12,900 Fleischman Co new_ _ __No par
9018 9114 8514 91
83
88
8614 8812 8712 8812 8812 9138 29,500 Foundation Co
No
par
7512 7612 7414 76
7434 76
7412 7512 273
7458 7214 74
17,300 Fox Film Class A
No par
2852 2914 2754 2872 2712 28
27
28
285* 284 2954 25,700 Freeport Texas Co.,_ No par
3114 3114 3114 3112 3158 3112 3112 3158 274
318 3158 317 32
3,000 Gabriel Snubber A
No par
65* 63
*64 634
61
/
4 612
*614 6/
612 612 *6'4 65
1
4
300 Gardner Motor
No par
45
4578 48
46
*45
46
45
4512 4412 45
4412 4412
Gen
Amer
900
Tank
100
Car
•10318 107 *1035* 104 *103% 104 *10358 104 *10312 10414
Preferred
*1035* 10414
100
, 8418 8612 8418 857
8558 875
8312 8412 8358 8434 8452 8714 38,600 General Asphalt
100
130 13014 *124 1304 *126 130 .12512 130 *12412 12814 12812 131
1,500 Preferred
100
51
51
*51
5112 50
51
52
50
5112 5214 3,600 General Cigar, Inc new_No par
5012 51
•110 120 *110 120 *110 120 *110 120 *110 120 *110 120
Preferred
(7)
100
•110 115 *110 115 *110 115 *110 115 *110 115 *110 115
Debenture preferred (7)_100
535
5378
*534 54
5375 53% 5354 5354 *53
537
5354 5334 1,000 Gen Outdoor Adv A.._No par
34
344 3384 3414 34
3412 34
3412 3414 34/
1
4 34
Trust certificates__.No par
3414
General Electric
100
-iii4 -iiii
4 -iiT2 iii
a -iii2 -8-8-14
- -- - -8812
- -- ---- ---8714
87 ---8818 -88
New
8912 40,200
No par
- -•• -- - •
- on thIs
o sales
day, x Ex- v en • a Ex-rights.
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share lots
Lowest
$ per share
165 Mar 18
86 Apr 6
9912 Jan 20
4125ept 28
1754 Mar 3
712May 18
53 June 30
28 Mar 29
6914 Aug 31
3052 Jan 20
112 Mar 26
5512 Mar 29
133 Mar 31
6212 Jan 4
96 Jan 5
718May 3
4314 Apr 28
1252June 8
83 May 25
5712 Jan 22
3612May 20
100 May 22
11141Vlay 18
28 May 18
9412 Apr 8
4512May 19
30 Mar 3
16 Mar 3
3512Sept 16
2812Mar 30
93 Mar 30
6014 Mar 31
10314 Jan 13
128 Mar 24
3414May 27
9814May 27
2758 Mar 3
5552 Jan 26
6312Mar 29
11184Sept 13
26 May 19
2212 Aug 30
2312 Aug 5
90 June 1
55 Apr 12
97 June 7
89 May 7
11814 Jan 4
1212May 13
4012May 17
ie Mar 18
4514 Apr 15
91 Mar 31
112 Aug 13
87 Mar 30
114May 10
70 Mar 30
122 Mar 31
972May 17
3552 Mar 30
12212 Jan 6
4412 Mar 29
64 Apr 15
96 Mar 30
3012 Aug 30
858May 22
3512June 8
2014 Aug 10
9714 Jan 5
I rot Sept 24
76 Apr 21
7712Mar 1
421a Apr 15
27% NW 30
12312Mar 30
3372 Apr 15
2114May 17
7912May 17
1012July 22
19 Mar 20
11112Mar 3
1065s Mar 30
2378May 19
19312 Mar 29
10014 Apr 20
1114June 10
6114 Mar 31
4 Mar 23
1584May 19
9912 Mar 30
103 Apr 17
8912 Mar 24
583sSept 29
71% Mar 3
1 May 20
5 May 20
6512 Mar 31
114 Jan 7
9978June 17
43 May 19
1434 July 20
2 Apr 16
46 Mar 29
10812 Jan 6
10310 Jun19
115 Mar 31
28 Mar 31
86 June 18
41 May 22
61 Mar 3
160 Apr 15
1478 Jan 2
96 May 18
30 Mar 30
1414May 20
76% Apr 19
94 Juno 3
3214 Mar 29
83 Sept 28
5512 Mar 31
195* Jan 13
29 Mar 25
512June 9
39 Mar 29
9912June 24
50 Mar 3
947 Mar 3
46 Mar 29
109 Jan 11
10914 Apr 12
51 Mar 30
2652 Mar 30
285 Apr 15
79 Juno 9
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
$ per share $ per share $ Per Oar'
,
34/
1
4July 14
145 June 26 Dec
93 Aug 2
80 May 8972 June
103 June 4
9612 Jan 103 Dec
614 Feb 10
414 Mar
834 Jan
71 Sept 15
17 May 2884 Jan
612 May 2414 Jan
1614 Jan 11
90 Sept 27
4112June 18
23 Oct 447i Oct
17912 Feb 4 1001
/
4 Jan 3612 Nov
384 Feb 10
2372 Jan 343 Dec
25 Jan 15
484 Feb
114 Oct
45 Apr 611a Dec
735* Aug 9
1812 Aug 9
1214 May 185 Jan
176 Aug 6
24 Mar 6812 Dec
11812 Aug 10
60 Mar 10712 Dee
2012 Jan 5
143 Mar 2358 Oct
684 Jan 5
Oct
4914 Mar 71
3278 Jan 8
303 Sept 4712 Mar
90 Jan 21
94 Dec 9854 Jan
7312 Aug 9
434 Mar 645t Nov
4912 Jan 5
40% Mar 585 Sept
106 Sept 28
8912 Jan 110 Sept
26 Feb 11
4514 Feb 15
120 Jan 2
8014 Mar 128 Dec
6658 Jan 4
497 Mar 747 Oct
3658 Jar 6
3012 Mar 375 Jab
24 July 20
19 Apr 2858 Feb
6384 Jan 4
6214 Dec 6412 Dec
5478 Jan 9
108 Jan 2 1004 July 11172 Nov
5812 Mar 718 Jan
6812 Jan 7
116 Sept 17 10312 Jan 109 Sept
165 Sept 13
80 Jan 1775 Nov
59114Sept 18
119 Sept 20
3214 -Apr 4814 Jan
4854Sept 10
45 Mar 62% flea
69% Feb 23
90 Jan 9
4514 Jan 86
Oct
1157 Aug 3 10414 Jan 11412 flea
4712 Jan 14
3812 Sept 554 Dec
2614 Jan 13
2514 Sept 2712 Oct
2614 Sept 27/
27/
1
4 Dec
1
4 Jan 11
9912 Feb 26
50 Jan 8412 Nov
72 Jan 11
104 Jan 28 100 Nov 10712 Nov
100 Jan 13
76 May 189 -Jill)
20412 Oct 1
15% Nov 4312 Jan
2912Sept 1
53 Sept 29
II May17 -Feb
1 Mar 12
2612 Jan 6384 flea
81 Aug 30
7954 Jan 96 Dec
107182u1y 28
95 Feb
612 Jan 7
312 Jan
11532 Aug 6
7412 Mar 97 Dec
35 Jan 18
514 Jan
214 June
9212 Jan 2
6012 Mar 9312 flea
14414 Jan 9 103
Jan 140 Dee
13 Jan 5
814 Jan
1512 Oct
4812 Oct 1
3218May 4238 Dec
12912 Apr 28 11818 Jan 127 July
608 Jan 4
48 Aug 6012 Dec
8112 Jan 4
6412 Mar 8458 Nov
102 Aug 5
92 May 102 Deo
538aJune 30
4414 Dec 5458 Oct
75 Oct 145* Feb
1112 Jan 29
Feb
4
37% Oct 6258 Feb
495*
20
Oct 33/
3058 Jan 28
1
4 Mar
104 Feb 5
937 Nov 101 Mar
2014June 7_9312 Dec 107 Oct
1104 Sept 17
62 Mar 104
10512Sept 2
Oct
51 Jan 14
44 Nov 59 May
277a Apr 4914 Jan
4614 Feb 17
1414 Feb 1 110 Jan 15912 Sept
53 Oct 9014 Dec
10418 Feb 10
2134 June 48% Nov
4714 Jan 2
7312 May 9112 Oct
90 July 20
20 Mar 13
1254 Apr 181a Nov
38 Aug 31
14 Feb 2312 Aug
11614 Aug 10 105 Jan 11314 Dec
123 Aug 23 10434 July 118 Jan
3254 Feb 14
1012 Feb 3012 Deo
353 Oct 1 1344 Jan 27114 Nov
108 Oct 1
94 Jan 10412 Nov
2012 Feb I
82 Feb 1
1072Sept 22
3412 Feb 10
175* Apr 4012 July
115 Feb 11 100 Mar 110 June
11012 Feb 26 10012 Mar 11014 June
9814 Sept 10
8972 Aug 948 flea
7812June23-9418 Aug 19
605 Mar SS -Deo
53 July
118 May
4 Feb 1
8 May 2684 Aug
2414 Jan 29
7258 Feb 8
6334 Apr 747 Sept
120 Sept 15 111 May 11854 Oct
13214July 28
&fly -6;0
56 July 15
4812 Nov
17 Apr 22
1312 July 197 Jan
484 Aug
1
4 Mar
2/
354Sept 11
3214 Jan 545* Oct
5914 Feb 10
115 Feb 9 10612June 11018 Nov
12712June 11
9014 Feb 1148 .
1111y
124 Mar 11 1037 Feb 120 July
Oct3714 Dec
26
395 Feb 3
8212 Sept89 flea
9112Sept 28
1514 Mar 9512 Dec
11184 Jan 5
4912 Mar 947 flea
105 Jan 6
20014 Jan 23 14712 Jan 179 Dec
Jan
1734 July
12
215* Feb 9
107 Feb 13 - --- --- --- --_
3812 -Dec 40 -Deo
4938 Feb 5
1012 Mar 2834 Oct
2614 Jan 13
8414 Mar 16
107 Mar 1
5612 Feb 1
1
4 Jan 29
90
179/
Jan 18354 Nov
85 Jan 2
6812 Sept 85 Dec
3412June 3
8 Mar 247 Oct
42 Feb 11
287g Aug 397 Nov
41 Jan 16/
914 Jan 4
1
4 Mar
551a Jan 2
4412 Aug 60 Oct
10512July 27
93/
1
4 Feb 104 Nov
9414 Aug 28
4212 Mar 70 Dec
14018 Aug 28
8612 Mar 109 Dec
5912 Feb 11 - - -- -___ - --- --11512 Feb 18 105 Jan 11114 Mar
11812 Feb 10 104 July 116 flee
565 Aug 4
451a Aug 54/
1
4 Sept
3512 Aug 3
2612 Aug 345 Dec
38612 Feb 19 2271
/
4 Feb 337/
1
4 Aug
9512 Aug14---
1740
New York Stock Record-Continued-Page 4
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 25.
Monday,
Sept. 27.
Tuesday,
Sept. 28.
Wednesday, Thursday,
Sept. 29.
Sept. 30.
Friday,
Oct. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
VEK .N14 A KIS
Range Since Jan. 1 1926
On basis of 100-share lots
Lowest
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par I per share
1138 11,8 1114 1112 1114 1112 1114 1158 1114 1138 1114 1138 14,000 General Electric epecial__10 11 Jan 5
4812 4858 48
49
4818 48,
8 47
47
46
46
4578 4634 2,300 General Gas & Elec ANo par 34 Mar 30
*98
9812 *98
9812 98
98 .981s 9812 9812 9812 *9713 99
200 Preferred A (7)
No par 95 May 11
*11012 11112 11012 11012 .11013 111 *10812 111
111 111
111 111
300 Preferred A (8)
No par 10512 AM' 8
*9312 96
*9312 96
*9312 96 '
'1 9312 416
*9313 96
*9313 98
Preferred B (7)
No par 9214 Apr 27
15614 16034 15818 161123 15912 16178 15918 16138 15812 16114 16234 16914 719,700 General Motors Corp No par 11314 Mar 29
120 120
120 120
11978 120
120 120
120 120 *11934 11973 3,100 7% preferred
100 11313 Jan 29
*104 ____ *104
*104
____ *104
*104
100 9814 Apr 13
*104
____ ------ 6% preferred
General Petroleum
25 4913 Mar 2
8653 -6712 8614 -87
8558 -8-8-18 83713 -8578 7912 -84.18 8254 -8-5. 35-.500 Gen Ry Signal new____No par 6012 Mar 31
*103
*103
*103
_ .*103
__ *104
_ *104
__ --- __ z Preferred
100 103 Apr 14
*43 -47
*43 -47
*43 -47
*43 15
45 -4i12 48 -48
300 General Refractories___No par 36 May 27
*49
51
4978 50
4818 49
47
48
4678 43
48
4812 5,800 Gimbel Bros
No par 4518 Mar 30
•10212 104
104 104 *10212 10412 *10212 10412 *10212 10412 *10212 10412
100 Preferred
100 10358 Apr 1
2034 2114 2084 2114 21
2118 2012 21 18 2012 2058 2038 21
25,600 Glidden Co
8June 3
No par 15,
4838 4838 4714 4812 4713 4858 4712 4784 48
48
4814 4918 2,500 Gold Dust Corp v t c No par 4112 Mar 31
4818 4834 4712 4914 48
4818 4734 48
4758 4818 4734 4814 5,700 GoodrIch Co (B F)
No par 4512May 20
*9638 9812 9634 9634 *9612 9812 *9612 9813 *9612 9812 *9612 9812
100 Preferred
100 95 June 25
10514 10514 *10412 10454 10412 10412 *10414 10514 *10414 10512 10414 10412
400 Goodyear T & Rub pf v t 0_100 9812 Mar 30
.107 108 *107 1073* 107 107 *107 10738 *107 10738 •107 1073*
100 Prior preferred
100 10518 Jan 22
56
56
*5512 56
*5514 56
56
5612 5718 5718 5878 5912 1,100 Gotham Silk Hosiery_No par 3314 Mar 30
55
55
55
55
543* 5454 5473' 5478 55,
1,600 New
No par 4712July 12
8 55
,
8 5618 57
114 114 *11312 117 *11312 115,
100 93 Apr 6
8 *11313 117 *11312 117
300 Preferred
11518 11518
*1514 16
*1514 16
1514 151 *1514 16
*1514 16
No par 15 Aug 18
15
500 Gould Coupler A
15
31
3158 30
,
8 3078 3012 31
3014 3138 3058 3114 3114 3218 13,300 Granby Cons M Sm & Pr_100 1618 Mar 31
9934 100
9934 10178 101 10212 102 10234 102 10212 102 10212 9,600 Great Western Sugar tem ctf25 89 Apr 14
11514 11514 117 117 *116 11612 *116 11812 11612 11612 *11534 117
100 10812 Mar 30
300 Preferred
1973 1978 20
20
934 Apr 3
20
20
1934 20
1934 1954 1954 2118 4,900 Greene Cananea Copper_ _ _ 100
518 Jan 5
7
7
7
*714 734
7
7
758 *712 77s
73* 7,2 1,900 Guantanamo Sugar__ _No par
70
7134 69
6912 7012 7012 *6814 70
*6812 70
100 62 May 15
6912 7038 2,6001Gulf States Steel
*47
57
*50
51
*47
52
51
51
50
51
*47
300iHanna 1st pref class A__ _100 45 June 18
52
(Hartman CorporatIon_No par 2554J11ne 21
25 -21
iii 16-14 ia -21 26T/4 -2162 26 /6-12 *Ri ii -2,300.Hayes Wheel
No par 21 Sept 24
*7612 77
7613 7612 *7612 77
7612 7612 *7612 77
4001Helme(G W)
25 68 Mar 29
77
77
*2812 2978 29
29
*29
2978 *2913 2978 2978 30
*2934 30
400 Hoe (R) & Co tees ctfs_No par 1712May 27
*5912 60
60
60
*5912 60
*5912 60
5912 5913 5934 60
100 4712 Jan 4
500 Homestake Mining
441s 4418 44
4414 4412 4412 4438 4438 4334 4334 *4312 44
1,600 Househ Prod,Inc.tem cttNopar 40 Mar 3
*5914 6012 5914 5914 5834 5854 5712 5712 •57
58
5714 5714
400 Houston 011 of Tex tees cas100 5014 Mar 31
4314 4378 4234 4384 42
4278 4314 4334 4314 4378 4214 43
16,800 Howe Sound
No par 27 Jan 8
53
5514 53
5412 5258 5378 5158 5314 513* 54
5312 5412 94,500 Hudson Motor Car_No par 493*Jone 26
2534 26
2518 2534 2518 253* 25
253* 2434 25,8 2434 25
13,800 Hupp Motor Car Corp____10 17 Mar 2
2534 2618 26
2638 2534 26
2558 26
z2538 2534 2513 26
9,400 Independent 011 & Gas_No par 1958 Mar 30
*18
18,
4 1814 1812 *1814 1812 1814 1812 1812 1812 *18
1,200 Indian Motocycle
No par 18 Jan 6
1814
914
gi
812 9
9
9
8 Sept 2 I
87.3 878 *834 9
4,000 Indian Refining
10
91s 958
*812 834 *812 9
9
9
*834 9
*813 834 *812 9
10
8 Apr 13
Certificates
*96 107
*96 107
*96 107
*96 107
*96 107
100 90 May 14
*96 10658
400 Preferred
97
98
99
99
*98
99
98
98
*95
99
400 Ingersoll Rend new..., No par 8014 Mar 31
*95
98
4112 *41
4112 41
41
*41
4114 4114 41
4113 4112 4112 1,000 Inland Steel
No par 3412May 11
*107 110,
4 *107 1103* *107 11084 *109 11034 109 109 *108 11034
100 Preferred
100 108,
4 Mar 18
*2414 2484 2478 2478 2414 245s 2414 2434 2412 2458 2412 25
3,900 Inspiration Cons Copper___20 2034 Mar 30
1614 1614
16
1614 1638 1513 16
*1618 1614 16
1578 1578 1,500 Intercont'l Rubber___No par 1312May 10
1412 1413 1413 1434 173* 1578 1614 *16
.14
1624 1578 1578 7,900 Internet Agricul
No par 13l July 27
82
82
8214 8234 82
85
*82
84
8214 8214 *8118 82
1,800 Prior preferred
100 80 July 19
5138 5012 51
51
5112' 5113 5218 51
5018 5058 5058 50,4 5,500 Int Business Machines_No par d3818 Mar 30
*5038 51
5014 50
5053 505s 50,2 5078 50
2,800 International Cement__No par 4912Sept 22
,
8 503* 50
50
*10214 103
ma 103
103 103 *10214 10312 *10214 10312 *10214 10312
200 Preferred
100 102 Mar 17
4212 443* 43
4334 4278 4334 4084 4312 41
4212 4258 4312 66,100 Inter Comb Eng Corn_ _No par 3312 Mar 30
13384 13434 132 13438 132 13312 13118 13212 13158 134
37,600 International Harvester...100 11214 Mar 29
13334 135
*124 12514 124 124
124 124 *12312 125 *124 125
300 Preferred
100 118 Jan 5
124 124
612 612 •612 7 '• 7
7
*612 7
6 Sept 21
*612 7
800 Int Mercantile Marine_ 100
7
7
3012 3034 3014 3214 3114 3258 31
3134 3034 31
100 27 Mar 30
30
,
4 313* 17.300 Preferred
64
6412 64
6412 64
84
6312 64
633* 63,
4 6312 63
,
4 3,600 International Match pref_ _35 5313 Mar 3
3614 3584 36i2 36
3612 3612 3714 3614 3718 15,500 International Nickel (The)_25 3238 Mar 30
3614 3638 36
'101_... *101
_
*101
_ _ *102 10312 *102 10312 *102 10313
100 10118 Jan 29
Preferred
-56 -567
8 56 -5712
*5634 57
5558 56,8 55
5514 5458 57
9,000 nternatlonal Paper
100 4418 Apr 15
*9714 9713 9714 9714 97
973* 9712 9712 98
98
100 89 May 7
z97
9734 1,100 Preferred (7)
*161 164 .151 184 *151 164 *160 164
159 159 *155 164
100 International Shoe__ _No par 135 .May 6
11914 1208
, 1165s 118,
9,700 Internat. Telep & Teleg
100 111 Mar 3
s 11814 11814 117 11778 11714 118
11714 119
*19
20
*19
20
*19
*19
21
*19
20
20
*19
No par 1812July 24
Intertype Corp
20
40
401a 40
40
4134 42
4034 4034 *41
100 25 Jan 4
*3914 41
4178 1,300 Jewel Tea, Inc
100 11512 Jan 29
*12312 12412 123 123 *123 127 *123 12712 *123 12712 *123 125
100 Preferred
1084 11
1058 10,
4 *1034 11
1012 1058 1058 1058 *1058 1034
800 Jones Bros Tea, Inc,stpd_100 1012June 30
2018 *1978 2014 1958 1934 4,100 Jordan Motor Car
2012 2012 2014 208s 20
21
21
No par 1914Sept 9
10
14 Mei' 4
500 Kansas Gulf
14
14
14
*14
38
*14
58
14
*14
38
*14
32
112 112
112 112 *110... _ *1 10
- _ *110
_ *110
_ _
1,000 Kan City P&L let pf A_No par 10714 Mar 29
*4012 4112 4013 4012 4012 -4612 40 -40401s -4-618 4112 -4i18 2,700 Kayser (J) Co v t c_ __No par 3314May 20
13
13
1212 13
1234 1284 *1212 13
1213 1284 1212 1212 1,900 Kelly-Sprtngfield Tire
25 1214May 19
49
50
53
*50
53
49
*50
55
*50
49
*48
400 8% preferred
100 41 Sept 21
52
*60
64
*80
64
.60
64
*60
64
*60
64
6% preferred
*60
100 61 Aug 14
64
88
88
*88
94
*88
94
83
88
*87
88
200 Kelsey Wheel, Inc
*87
100 86 May 12
90
5918 6112 162,800 Kennecott Copper
No par 4934 Mei'30
5578 5578 5578 5614 513,s 5714 5673 5812 5714 59
1.3
12May 11
•58
84
58
5s
614
*58
34
58
58
34
34 1,100 Keystone Tire & Rubb_No par
*43
44
4314 431 i 44
4412 44
44
*43
44
4414 4414
500 Kinney Co
No par 4138Sept 13
5278 5112 5218 5184 52
*52
52
53
5284 53
53
10 4234 Mar 30
5312 4,300 Kresge (S 5) Co new
*10312 11314 *10812 11314 *10813 11314 *10812 11314 *10812 11314 *10812 11314
100 113 Feb 18
Preferred
*2018 21
*2018 21
*2018 21
*2014 2112 *2018 21
*2018 21
Kresge Dept Stores___ _No par 1518 Mar 25
*7212 80
*7212 80
*7212 80
7212 81
*7212 80
*7213 80
100 7014 Mar 26
Preferred
*15913 165 *160 161 *160 161 *160 162 *160 162 *160 162
Laclede Gas L (St Louls)._100 146 Mar 29
2114 21
2138 21
2118 2118 2138 19,000 Lego 011 & Transport_No par 1918May 14
2114 2114 2078 2114 21
65
63
64
5,300 Lambert Co
No par 3912May 7
6312 64
6478 6478 6412 6478 6212 6312 64
634 Aug 18
*812 9
914 914 *814 9
*1313 9
500 Lee Rubber & Tire__ _No par
*814 9
*818 9
No par 3034 Mar 30
353* 363* 3,1001Lehn & Fink
3558 3612 3578 3578 3558 3534 3512 3612 3512 36
2114 2114 2178 2112 2178 2158 2158 2,800 Life Savers
21
*21
No par 1714May 4
21
21
21
92
*91
92
91
*91
400 Liggett & Myers Tob new__25 7218 Mar 31
92
9178 9178 91
*9112 9213
92
100 11934 Jan 18
Preferred
*124 125 .124 125 *122 125 *122 125 *120 122 *120 122
25 71 Mar 24
91
9138 9084 9114 9058 9058 91
91
2,500 "B" new
9113 9112 91
91
No par 5312Mar 31
62
*6114 62
800 Lima Loc Wks
6212 6112 6284 6114 6212 6114 6114 *60
*61
No par 3414 Mar 2
73,700 L ew's Incorporated
4412 4512 4514 467s 4684 4814 4634 4778 • 4614 4733 4612 47
61a Sept 23
684 684 *634 678
612 65s
612 7
858 658
612 612 1,000 Loft Incorporated, No par
*44
45
*44
*44
45
45
44
44
*44
*44
45
4412
100 Long Bell Lumber A__'_No par 4212July 23
100 88 'Mar 30
16014 16914 3,700 Loose-Wiles Biscuit
160 16214 160 16212 162 162 *157 162 *158 161
100 12014Mar 30
160 162
300 2d preferred
*155 165 *150 165 *150 165 *151 160 *151 160
25 29 Sept 29
3012 3034 3018 303* 2912 3018 2914 30
2984 3013 8,500 Lorillard
3034 31
100 11118 Apr 5
300 Preferred
11213 11213
*111 114 *111 116 *111 116 *111 115 *11212 115
1514 1512 1512 16
153* 1512 1512 1512 153* 1558 8.9001Louislana Oil temp ctfs_No par 12 Mar 3
1514 1514
2,0001Loulsville G & El A____No par 2234 Mar 31
*24
241s 24
24
24
2378 24
2334 2378 237 24
24
32
3112 3184 *311 32
No par 3014 Mar 30
33
32
300- Ludlum Steel
*3112 32
*32
33
*32
*13114
100 130 May 15
.132
135
*130
135
134
*131
135
131
100 Mackay Companies
131
*132 135
100 68 Mar 19
7014 7014 7012 7012 *7018 7012
100 Preferred
7078 7078 *7018 71
71
*70
No par 10312Mar 30
11114 113
11018 11212 109 11133 10812 11034 10834 11138 10618 11112 100,200 Mack Trucks, Inc
100 10934 Jan 4
11212 113 *111 113 *111 113 *111 113
8001 1st preferred
*11112 112 .112 112
100 104 Apr 17
400 2d preferred
106 106 *105 106 *105 106 *105 106
*10414 108 *105 108
1,200 Macy (R II) & Co, Inc_NO Par 8611 Mar 29
118 11912 118 118 *11653 11812 11612 11612 117 117
*ugly 120
11612
100
11512Mar 1
11612
*11534
1157
8
1157
8
1157
500
Preferred
8 11572
*11584 11612 11554 11554 *11514
No par 34 Apr 19
3914 x3818 39
3,600,mag a Copper
3918 3912 3818 3934 39
*3878 39
39
39
par
15 Aug 30
Ca_No
16
16
8001Mal1Inson
(H
RI
&
16
16
16
*15
17
17
17
*16
*15
17
100 55 June 4
100,Manati Sugar Pref
61
*59
63
61
*59
63
63
*59
63
*59
63
*59
77
6,700 Manh Elec Supply---N0 Par 56 Jan 4
76
7512 7614 7514 76
7584 7678 76
76
7684 78
25 2212May 24
*2312 24
24
300 Manhattan Shirt
*2313 24
*23
24
24
24
*23
*23
24
4412 4412 4412 4412 *4414 4434 3,100 Manila Electric Corp--No Par 2712 Mar 20
4414 4414 4418 4418 4412 45
21
2084 21
2,600 Maracaibo oil Expl„ _No par 20- Sent 2)
*22
2212 2134 22
2112 2158 2053 21 12 21
No par 4914 Mar 30
5612 5618 5678 34,200 Marland 011
57
5712 5678 5738 5658 5718 5618 5658 56
No par 26 Sept 16
*2612 27
100 Marlin-Rockwell
27
27
*2612 2712 *2812 2712 *2512 2712 *2812 27
20
20
4.2018
par 17 May20
21
2014
_No
*20
Martin-Parry
Corp___
21
2014
200
2014
*20
*20
21
*77
79
77
77
78
84
*31
82
8034 8212 8273 8312 5,600 MathlesonAlkallWkstemett50 6212May 12
8May 17
12878 12373 12714 12878 5,500 May Department Stores -5O 106,
129 129
128 129
12913 130
12913 130
100 12258 Feb 2
Preferred
*12214 125 *12214 125 *12214 125 *12214 125 *12214 125 *12214 125
No par 19 Mar 3
*2214 23
23
2212 2234 . 2232. 2232 2212 2212 2212 2212 1,100 Maytag Co
23
100 McCrory Stores Class B No par 72 Mar 30
77
77
80
*7618 7812 *7612 7812 *7618 7812 *78'8 7812
477
400 McIntyre Porcupine mines_ _5 225s Jan 2
1 152412 2473 2458 2458 2434 2414 *2414 2412 *2414 2413 245* 2438
*2313 24
*2313 24
300 Metro-Goldwyn Pictures p1.27 2214 Jan 8
*2312 2334 2312 2312 *2312 24
*2312 24
6 Feb 25
2,900 Mexican Seaboard 011_ _No par
10
10
10
10
978 10
*10
1012 10
1028 10
10
5 11 Mar 3
L 1618 1688 1614 1614 1612 1634 1678 173* 1718 1738 1714 1758 24,200 Miami Copper
21
21312 ant. 31
3010 ma. 202. 3010 2954 3038 3014 308. 13.100 Mid-Continent Petro__No Par 2712.7111Y 22
•Bid and asked prices; no sales on this day. z Ex-dividend. a Ex-rights.
Highest
rBIC WIAKE
Range for Previous
Year 1925
Lowest
Highest
$ per share $ per share $ per share
1158 Mar 22 1078 Oct 1178 July
59 Jan 2 5878 Dec 613s Dec
9934Sept 10 99 Dec 100 Dec
113 Sept 9 110 Dec 110 Dec
96 Jan 4 ____ ____ --__ -22534 Aug 9 6458 Jan 14984 Nov
120345ept 1 102
Jan 115 Dec
105 June 29 8813 Apr 9912 Nov
7018June 23 42 Jan 5918 Dec
9378 Aug 18 68 Nov 8054 Oct
104 Jan 4 9012 July 10578 Nov
49 Jan 4 42
Oct 5812 Jan
7878 Jan 19 47 Mar 83 Dee
11138 Jan 7 10214 Mar 11412 Nov
2534 Jan 4 1212 Mar 2612 Dec
5678 Feb 3 37 Mar 51
Oct
7034 Feb 9 3634 Jan
7434 Nov
100 Feb 16 92
Jan 102 Nov
10973 Aug 1 8618 Jan 11458 Oct
109 Sept 14 103 Apr 109 Dee
61 Aug 18
39 Dec 42 Dee
58 Sept 9
125 Aug 17
9912 Dec 10213 -Dee
2112 Jan 23
1878 Dec 23 Sept
•32345ep1 18
13 Mar 2178 Dec
10614 Feb 2
91
Jan 11318 June
11814July 22 107
Apr 11512 Dec
2212July 24
1134 Mar 1914 Jan
1078 Feb 1
37a Sept
612 Jan
9358 Jan 4
6718 Mar 9534 Nov
57 Feb 26
4212 July 89 Feb
35 Jan 6
2534 Apr 3712 Jan
46 Jan 14
30 Mar 4912 Nov
80 July 12
66 May 7734 Jan
3512 Aug 11.
27 Dec 4878 Jan
62 Feb 23
Jan
43 Jan 50
4833 Jan 8
3412 Jan 4718 Nov
71 Jan 5
Jan
59 Apr 85
45 Sept 15
1612 June 3118 Nov
12314 Jan 4
3334 Jan 13913 Nov
2838 Jan 4
1414 Mar 31 Nov
34 Jan 2
4 June
1312 Jan 41,
2414 Feb 4
13 Mar 24 Aug
1334 Feb 13
1414 Dec
512 Jan
1212 Feb 13
6 Sept 1258 Dee
106 Sept 17
77 Mar 110 Dec
104 Jan 5
77 Nov 10713 Dee
4312 Jan 7
3824 May 50 Feb
115 Feb 9 10412 Apr 112 Sept
2678 Feb 10
2214 Apr 3234 Jan
2154 Feb 11
2614 Jan 22
71,8 Jan 2118 -Nov
95 Jan 27
40 Apr 85 Nov
5234Sept 15 110 Mar 17614 Nov
7178 Jan 21
52
Jan 8112 Sept
106 Jan 26 10212 Nov 107 Aug
6113 Jan 5
3114 Jan 6912 Dee
13558 Aug 6
9618 Mar 13814 Sept
12634 Aug 7 114 Mar 121 Nov
12,
8 Feb 17
713 June 1478 Feb
48,
3 Feb 16
27 Aug 52
,
4 Feb
5658 Dec 6o78 Dec
663* Feb 23
4614 Jan 5
2414 Mar 4812 Nov
10414 Apr21
94 Jan 102 Nov
6334 Aug 28
4814 Mar 76
Oct
9812 Jan 2
88 July 9038 Oct
175 Jan 11 108 Feb 199,
4 July
133 Jan 25
8712 Apr 144 Aug
29 Jan 7
18 July 2938 Oct
4338 Aug 17
1612 July 26,
8 Dec
125 Feb 9 10212 Jan 11513 Dec
1912 Feb 5
1134 Dec 217g Feb
66 Feb 19
353* Aug
65 Nov
14 May
34 Jan 8
112June
11258Sept 9
99
Jan 10953 Sept
4758 Jan 14
1834 Mar 4218 Dec
2112 Feb 6
1214 Mar
2158 July
4 Feb 5
41 Mar
74,
74 July
43 Mar 72 July
7314 Feb 5
w7
s •, • 124 Dec
126 Feb 4
11'2 Oct 1
4812 Mar 5914 Nov
134 Sept
218 Jan 2
312 July
75 Mar 100
8218 Jan 7
Oct
82 Jan 29
11434 Feb 26 11014 Mar 116
Oct
2812 Dec 4534 Jan
33
,
3 Jan 14
88
Jan 9734 June
9314 Feb 1
17512July 10 11014 Jan 178 Mar
2412June 14
65345ept 24
14 Jan 4
1153 -Feb
19
Oct
4118 Jan 2
3714 Dec 4412 Oct
22 June 25
9478 Jan 25
57 Mi.r 92 1)-e0
12934May 5
1612 Jan 124 Dee
943sSept 1
5512 Mar 8978 Dee
69
,
4 Jan 4
60 June 7458 Jan
48 Sept 28
22 Feb 4434 Nov
1114 Feb 10
6
Jan
9,3 Apr
5012 Feb 3
14 Mar 43 Sept
16 1 ,1 Oct 1
77 Feb 14334 Dee
167 Sept 8 104 Feb 148 Dee
4214 Feb 3
3014 Jan 3934 Sept
120 Aug 31 108111 Feb 116 Aug
1978June 21
1353 Aug 2334 Feb
2814 Feb 10
23 OF, 2638 July
5814 Feb 4
3134 Feb 60 Dee
138 Feb 9 114 Mar 141 Sept
7318 Feb 9
66 Mar 7884 Feb
159 Jan 4 117 Jan 242 Nov
113 June 10 104 Jan 113 Aug
10834SePt 3
99 Jan 10658 Aug
Oct
12634Sept 7
6912 Jan 112
11884 Jan 14 11484 Jan 118 Aug
4473 Feb 10
34 Mar 48 Nov
2818 Jan 5
2114 Dec 3712 Jan
82 Feb I
79 July 8214June
8784July 19
32 mar 59 Mar
3278 Jan 4
2014 Mar 3473 Nov
2812 Mar 4912 Apr
453* Sept 14
28 Feb 2
20,
8 Sept 3512 Jan
6338June 17
3253 Mar 6012 Dec
33 Mar 11
10,
8 Mar 3278 Oct
23 June 25
19 Dec 3718 Jan
10618 Jan 2
51
Jan 10714 Dee
13712 Jan 2 101 Mar 13912 Des
125 June 11 11612 Mar 124 June
2412Sept 8
2178 Nov 28,
8 Oct
121 Jan 11
79 Mar 13914 Oct
30 Feb 15
16
Jan 2234 Oct
2414 Feb 9
18
Jan 2412 Nov
1334July 23
9 Dec 2212 Jan
1758 Oct 1
8 May 2384 Jet)
37 Jan 2
258A Atur 38 • Nov
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive. see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Sept. 25.
iforulay,
Sept. 27.
Tuesday,
Sept. 28.
Wednesday, Thursday.
Sept. 29.
Sept 30.
Friday,
Oct. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I 1926.
On basis of 100-share lots
1741
PER SHARE
Range for Preriout
Year 1925.
Lowest
Highest
Lowest
Highest
g per share $ per share $ per share $ per share $ per share $ per share
Week. Indus. & Miscell. (Con.) Par $ per share $ per share g per
per share
*98
shares
9914 *97,2 094 *98,2 9914 98% 984 98
981
/
4 *972 9814
500 Mid-Cont Petrol pref
100 90 Mar 30 10018 Aug 12
8314 Apr 9414 Oct
113 14 •14
114 *1 18
114
118
118
1
1 18
1 18
118 1,500 Middle States Oil Corp____10
1 Sept 13
53, 1
212 Jan 8
58 Apr
.53
1
•7$
1
314 June
*58
34
1
34
*58
1
Certificates
100
10
%Sept 25
118 Jan 8
112 Feb
•11534 117 *115 117 *115 118 *115 117 *115 117
112 Feb
11614 11814
100 Midland Steel Prod pref___100 107 Mar 30
Feb 23
98 Jan 147 Aug
*36
38
384 3613 36
38
36
38
3512 3512 1,000 Miller Rubber ctfs__ __No par 30 May 17 13312
*3512 36
4434 Feb 25
*7712 79
78
78
78
784 7812 7914 784 7884 7918 7918 1.700 Montana Power
100 6938 Mar 28 8312 Jan
-8-4 -Apr 9914 -Aug
6414 6512 6312 6458 6313 6414 8212 8334 8278 8312 63/
1
4 6438 33,900 Montg Ward & Co III corp 10 56 May 19 82 Jan 14
2
41 Mar 8414 Nov
19
1914 19
1914
1658 1834
1634 1738 1678 1712 17
1778 15.000 Moon Motors
No par
I,%Sept 8 373* Feb 10
225 Mar 42 Dec
*554 54
54 534 *534 58
554
534 578
534 578 3,800 Mother Lode Coalition_No par
534
514 July 12
712
Feb
8
6 May
•15
1478 16
16
918 Jan
1473 1534 1412 18
*1458 1512 *1412 15
4,300 Motion Picture
No par 1 ,I2Sept 2 • 2312June 3
3912 394 3814 39
1958 Dec 2012 Dec
3818 3834 38
373 38
38
3714 3734 4,200 Motor Meter A
No par 3334May 19 5358 Feb 10
40
Nov
2078 2112 2112 2I34 2134 2214 2212 2334 23
447
8 Oct
22
23
2314 5,800 Motor Wheel
No par 204Sept 21 3378 Feb 15
13
13
18 Apr 35 June
1312 1312 *1218 14
*124 13
*1218 1312 .124 1312
300 Mullin Body Corp__No par II July 7 1934 Feb 1
13 Aug 2112 Feb
*3812 3712 *3612 3712 *3012 3712 3618 3612 3712 3712
*3612 38
Munsingwear
500
Co
No par 3434 Apr 6 3834Ju1y 6
3018 Apr 39 Dee
85* 878
8'! •
*914 10
914
918
912 *9
958
912 6,400 Murray Body
No par
3 May 8 1578 Feb 20
514 Dec 4212 Mar
5812 5884 5814 MN 5812 5858 58
5834 58
5838 5838 5834 12,300 Nash Motors Co
No par 52 Mar 24 66 Feb 23 19312 Jan 488
*734 8
*75
Oct
8
*734 8
.7% 8
*73
8
*734 8
National Acme stamped_ __100
712July 13 1278 Jan 9
414 Mar 1258 Deo
9434 953* 9412 9614 9512 9733 9514 963 x9434 95
954 964 24,200 National Biscuit
25
74
Jan
8
9812June
25
65 Apr 79 Dec
128 128 *128 12912 *128 130 *128 130
129 129
128 128
Preferred
400
100 128 Jan 27 13112 Apr 28 12312 Mar 12812Ma
y
41% 413* 41
4112 40% 41
41
41
23912 403* 395* 40
5,600 Nat Cash Register A WINO par 38 May 22 54 Jan 5
*2514 27 .2514 27
*2514 27
26
28
*2514 26
2514 2514
200
National
Cloak
&
Sult
100
2012May
21
57
Jan
2
4
012
Dec 1478 Oct
*7612 7912 *76
79
7612 7612 *76
78
*76
78
.76
77
Preferred
100
100 6814 Aug 25 9212 Jan 8
7312 7414 735* 74
8734 Dec 104
Jun
73
7373 73
7312 7312 7458 74
743* 8,800 Nat Dairy Prod tern MrsNo par 53 Apr 14 80 Jan 2
42 Jan 8178 Nov
2813 2618 264 2613 •2614 2614 2614 2614
26,
Department
3
28'8
Nat
2
600
618
Stores
par
26'8
No
2514May
25
423
3
Jan
7
•905s 91
3812 Jan 45 May
91
91
91
914 *9078 914 9073 9078 *9034 9118
330
lat
preferred
100 90 Jan 14 97 Jan 19
96 Apr 102
207* 2078 *208s 221 *21
Jan
2212 2034 2128 2012 2058 21
1.200 Nat Distill Prod etfs___No par 1212May 18 34 Jan 4
21
45
4714 *45
295* Dec 431s Oct
481 *41
4812 *411* 4712 *42
45
*4212 44
Preferred temp ctf__No par
300
•2812 28
524 Jan 81
*2814 27
Oct
2612 2612 *2612 2712 2658 2658 2614 2718 1,000 Nat Enam & Stamping_.100 3712 Aug 2 7318 Jan 4
2118July 14 4013 Jan 2
*80
25 Apr 41% Dec
85
•80
85
"SO
85
*80
.81
85
85
Preferred
100 76 July 13 895 Jan 4
•155 159
75 June 8934 Jan
15514 15514 155 155
155 155
155 155
800 National Lead
100 138 Apr 15 17434 Jan 5 13812 Apr 17458 Nov
*116 117 *116 117 *116 117 .118 117 .116 11612 156 1581
Preferred
*116 116 2
100 116 Jan 16 120 May 20 11412 Sept 119 Sept
2134 22
2158 22
21
213* 2034 2118 20,
3 21
2084 21
14.700 National Pr & Lt etts__No par 1634 Mar 2 3838 Jon 21
•70
7012
7014 7114 7012 71
7012 71
71
71
5,100 National Supply
50 5512 Jan 4 7184Sept 2
-54-88 Dec If Jan
•135 140 *130 140 *133 137 *132 138 *132 140
*133 138
National Tea Co
No par 119 May 15 238 Jon 4 201 Dec 250 Dec
1318 1318 134 1318 1314 135
13,3 1418
1414
14
14'4 1518 73,300 Nevada Consol Conner
5 1158June 1
1 '.111 Oct 1
1134 Apr
*4212 4312 424 43
163* Jan
4234 43
4258 425* 4212 4212 427 441
/
4 4,700 N Y Air Brake
No par 3812 Jan 2 4612Sept 7
3112 Oct 5612 Jan
3812 3834 3833 39
3812 3914 38
3814 3712 3778 37
38
5,800 NY Canners temp etfs_No par 32 Apr 12 8434 J*n 29
3114 Mar 8112 Dec
*83
8514 .83
8514 .83
85
*83
85
85
*83
*83
85
Preferred
No par 83 June 16 85 Apr 29
*33
35
33/
1
4 331
/
4 3258 33
33
33
3412 *331
*33
/
4 34
700 New York Dock
100 3212Mar 30 4573 Feb 5 -1-8 Mar 4514 Nov
*70
7212 *70
7112 *70
71
*70
72
72
*70
*70
72
Preferred
100 69 May 13 74 Feb 5
5218 Jan 76 Dec
*2814 2812 *2814 2812 *284 2812 2812 2812 *2734 2814 28
2812
700 Niagara Falls Power pf new.25 275* Mar 31 2853 Jan 22
2758 Oct 20
6212 54
527s 53% 5284 5312 825 53/
Jan
1
4 5234 5314 5258 5313 26,400 North American Co
10 42 Mar 30 67 Jan 14
4112 Jan 75
Oct
•8014 8113 .5012 5184 *6014 8184 *50e4 5114 51
51
51
51
Preferred
200
5
Jan
49
5214
50
2
Aug
31
46
Jan 5012 Sept
8 *96
96
96
96
96
96
96,
9812 957 9814 *9534 9614 1,500 No Amer Edison pref_ _No par 9118 Mar 31 9678Sept 18
9412 Dec 984 Dec
534 534 *534 6
*534 57
584 534
534 634
800 Norwalk Tire & Rubber _10
534
584
5 Sept 20 1518 Jan 14
1212 Sept 18/
1
4 Aug
*1513 16
*1512 16
*1512 1813 .1512 16
*1513 18
Nunnally Co (The)___ _No par 1358 Mar 1
•15,2 16
1712 Jan 7
8 • Jan
3434 3434 *34
347
1812 Nov
34
34
345 3434 3412 3478 3438 35
2,400 011 Well Supply
25 30 July 2 36 Feb 5
•1434 15
33%
1434 14+4
Dec
38
Nov
1438 1458
1413 1412 1418 1418 •14
1414 2,800 Omnibus Corp
No par 1418 Star 30 2214 Feb 23
42l
40
42
42
42
41
40
41
42
40
40
300 Onyx Hosiery
No par 31 14 Feb 2 4512June 29 18
*91 110 *100 110
,
8 Jan -3-9 Dec
10012 1001 *101 110 *10114 110 *101 110
Preferred
100
100 95 Apr 17 10318 Aug 9
7814 Mar 97 Nov
8014 81
8133 613* 6134 6234 6203 63,
8 63
8318 6218 6218 4,600 Oppenhelm Collins & CoNo par 47 Jan 12 , 353SePt
•29
2933 2914 2914 '29
9
4118 Sept 53 Dec
2958 *2812 291 .2812 29
*2812 29
1 274Mar 25 3114June 29
100 Orpheum Circuit, Inc
*102 106 .103 108 *103 107
255 Jan
3273 July
*103 107 *103 105 .102 107
Preferred
100 101 Jan 13 105 Apr 21
121 12113 120 1201 120 120
98 Jan 107 Sept
119 119 *11712 119
11714 11714
800 Otis Elevator
50 108 May 20 1293 Feb 5
*10813 10912 *10812 1091 *109 1091 *109 10912 "10712
Feb
14013
Aug
8758
1083
4
10834 10834
Preferred
100
100 10234 Jan 13 10912 Aug 30 101 Feb 112 July
914 914
9
913
9
9
812 878 • *834 8%
9
918 4,800 Otis Steel
No par
812May 10 . 1413 Jan 19
•.:___ 10312 *____ 104 •____ 102 •____
8 Mar 154 Aug
10312 *____ 10312 *--7- 1034
Preferred
100 85 May 17 107% Feb 17
5014 Mar 9712 Aug
84
35
834 8328 83
8312 81
8212 03,2 6,600 Owens Bottle
25 5384 Mar 29 85 Sept 18
*4914 5012 *495 5034 493 5014 5012 8218 8158 825
4234 Mar 693* Nov
5012 *51
*5118
52
600 Outlet Co
No par 44 May 19 52 Apr 5
*10312 108
1031
491
/
4 10314 10314 10314 1041 105 *104 105 *10414 52
/
4 Nov 57 Nov
105
Preferred
600
100 9712 Apr 1 105 Sept 1 1
133 133
98 Nov 1007 Dec
133 133 *133 1337k 133 133
*1304 133'2 •1314 13378
500 Pacific Gas & Electrie
100 118 Mar 31 1334Sept 21 10213 Jan 1374 Nov
•138
112
138
138
138
118
las
13*
Pacific
Oil
1
12
2
9,100
No par al May 13 8318 Feb 13
3558 36
515
,Aug 7813 Dec
3514 3578 3513 3512 35
3514 3513 35% 35,4 3534 9,600 Packard Motor Car
10 31% Mar 31 4514 July7
153 1534 1558 I53
15 Jan 4813 Nov
155 1534 1512 15% 15
1558 15'8 154 3,5001 Paige Det Motor Car __No par 13118May 14 2812 Jan 4
1738May 32
6634 67
Oct
6658 8858 *67
68
67
87
*8512 66
6612 6658
-Amer
Petr St Trans
6001 Pan
50 5618 Mar 31
7812 Jan 2
5912 Sept 837* Mar
8712 8784 874 6734 6712 8853 6714 13818
x6534 6614 8578 6714 34,800
Class B
50 5673 Mar 31 783* Jan 4
8018
Aug
8412
Mar
354 35,2 3558 3572 *3514 36
345 353
3234 3412 334 34
4,800 pan-Am West Petrol B.No par 3244Sept. 30 46 Jan 2
*18
1612 15% 17
3714 Oct 4914 Dec
1614 165
155 1534
16
16
16
2.400 Panhandle Prod St Ref.No par
16
412 Jan 21 32 June 17
*1---- 75 4._ _ __ 75 *_ _ __ 75
214 Aug
64 Dec
*40
75
*70
*70
75
75
Preferred
100 51 JAI] 19 9938June 16
23
23
37
Oct 6012 Dec
23
23
23
23
*223
4
234
Tilford
*223
4
23
,
2
&
Park
2314
*22
tem
300
4
etts_No
par
57
Apr
193
2814
13
4
Jan 4
5%
578 578 *534 578
25 Sept 3512 Jan
58
53
512 5,I
54
512
3,700 Park Utah C M
1
518SePt 30
812 Feb 5
5514 5618 544 55
5418 555* 53
5312 54
5412 53
54
5,900 Pathe Exchange A____No par 4518May 17 83 Jan 7
7-0 -Nov -9638 Oct
20
20
*2014 2058 2034 2058 21
21
21
214 2114 1,700 Penick & Ford
213
No par 167 Jan 28 23 June 16
17 Dec 28 Apr
*912 11
*912 121 •10
12
10
10
.11
1278 11
11
400 Penn Coal & Coke
50
6
Aug
17
7
Feb
8
1234 Apr 263* Jan
14
118
l's
1
1
158
1
14
I
118
I
118 6,700 Penn-Seaboard St'l vte No par
1 Sept 28
214 Jan 4
126 128
I
3 Jan
12612 1281 1264 12614 1284 12618'126 126
12613 1264 1,100 People's 0 L & C (Cinc)....100 117 Jan 4 130 Feb 11 112 Aug
Jan 123
•71
Oct
73
727 73
7312 741 *74
75
*7313 75
*7213 74
1,500 phliadelphia Co (Pittsb)„.50 5918 Mar 2 7658 Apr 8
*4913 5012 50
5112 Mar 6714 Dec
*401 501 *4934 5012 501
50
/
4 5014 *4912 5012
3
preferred
300
6%
50 47 Jan 4 5114July 7
4512 Jan 49 July
4434 4518 4418 44I 44
4314 435
4478 4314 44
4312 443 12,300 Phil& & Read C & I. __No par 3614 Apr 14 483* Feb 13
*43% 46
3758 May 5213 Jan
*43
451 *43
45's 4212 4434 .4212 4434 *4212 45
Certificates of Int_ __No par 3834June 14 484 Jan 11
*4812 57
38 July 5012 Jan
*4312 57
*4812 57
49
*4812 57
49
.4812 57
100 Phillips-Jones Corp __No par 49 Sept 30 558 Jan 29
51
Nov 9018 Jan
21 3* 2234 2212 23
2318 241
/
4 2412 2514 25
2514 2412 2514 16,800 Phillip Morris & Co, Ltd
10 18 Apr 3 25,1Sept .29
1234 Mar 25/
1
4 Sept
5014 5014 4912 503* 4914 4972 49
493* 4918 493* 4918 497 47,100 pb011ps PetroIeum____No par 40 Mar 30 5234SePt 1
39
40
3814 Mar 4718 June
*39
40
391 391 .39
40
3912
.38
3912
39
600 Phoenix Hosiery •
5 31 Mar 30 4478 Jan 9
*100 101
18
Apr
101 101 .101 103 *101 102 *101 102
July
424
101 101
Preferred
200
100 94 Star 25 10 . Sept
2712 2818 "27
84
Apr 99 Dee
277
277 28
27
275* 2712 2838 2712 283 14,800 pierce-Arrow Mot Car No par 19 May 15 4318 Jan 27
WM 11818 *115 118 *11538 1171 *1153
0
10% Mar 47114 Oct
8 117
117 117
11712 11712
Preferred
700
100 7612 Apr 15 12714 Aug 19
43 Mar 100 Nov
*1
/
4
34
•33
34
3$
311
•II
58
5/3
38
12
12 2,300 Pierce Oil Corporation
25
12 Oct I
178 Jan 30
114 Nov
312 Feb
*1212 16
1212 12% 1212 121 •11
16
*8
*8
14
14
Preferred
500
100 1212Sept 27 2718 Jan 30
25, 258
20/
213 25*
1
4 Dec 40 Feb
212 212
213 27*
25* 258
2'2 258 4,000 Pierce Petrol'm tern ctfallo par
2912 3014 *2912 301 *2912 301 .2912 30
214
26
Aug
7
Jan
30
412
Dec
/
1
4 Feb
8
30
3012 •304 3034
700 Pittsburgh Coal of Pa
100 29 June 9 4212 Jan 5
*71
72
3714 May 5412 Jan
*714 711
71 13 71 1
71
715* 7118 714 *7114 7113
Preferred
400
100 70 June 21 85 Jan 5
May
80
99
*96
Jan
9712 97
9712 *96
97
97
97
*96
98
964 984
400 Pittsburgh Steel pref
100 94 Mar 29 98 Feb 1
4'38
40
94 Mar 1024 Jan
*39
40
*39
40
"35
40
.38
40
*39
40
Pitts Term Coal
100 3934 Aug 19 63% Jan 9
*80
86
30 Apr 83•4 Jan
*SO
86
*80
88
*80
86
.80
88
.80
86
Preferred
100
Mar 26 9214 Feb 5
10708 1090* 10712 110
79 July 8814 Nov
1073
10812 108
10634 107% 10614 1077 31,700 post'm Cer Co Inc new.No par 83
4034 4158 4114 4148 41 10858
7512Mar 30 1247s Feb 3
6458 Nov 121 Dec
41
40
41
403 403
4034 41
1,500 Pressed Steel Car new
•82
100 3418May 19 4314 Aug 31
84
8218 821
82
82
.80
82
80
80
81
81
Preferred
400
100 80 Sept)
1334 1514 15% 163
951 Jan 7 -76-12 July -9-2-12 Jan
1534 163* 1514 15% 15/
1
4 1514
15
15
18,900 Producers de Refiners Corp_50 11 Sisr 29 1712 Jan 2
121/ Aug 3253 Feb
3
...,
04
. 36
_
35,2 381
37
38
37
37
*35
37
36
36
Preferred
2,800
50 3034May 11 3812Sept 27
•0
'11 '
2 12 264 9758 9512 97
27 Sept 4758 Feb
9514 908 947 9618 95/
1
4 9633 42,000 PubServCorporNJ new Nopar
•99 101
72 Mar 2 9778Sept 15
.99 101
6258 Mar 87% Aug
*99 101
.99 101
*99
101
100
101
101
6%
preferred
1
*107 4 10812 *10714 108
100 9612 Apr 7 101 Oct 1
10712 1071j 10712 10734 .10712 108
108 108
400 7% preferred
•12112 123 *12112 123 •121% 123 .12212
100 10318 Jan 12 109583u1y 9 -9-9 Jan 1-06 -Nov
123 *12212 123 •12212 123
8% preferred
104 104
10313 1041 •10312 1041 *10312 104
100 115 Mar 2 12314Sept 3 10858 Apr 119
Oct
103
10312
.1023
4
104
Serv
Else
Pub
700
& Gas pfd_ 100 97 Jan 22 104 18Sept
•1124 114 *11212 114 91213 114 *11312 114
9212 Slay 10013 Dee
*11212 114 *11212 114
Pub Service Else Pr pref_100 108 Jan 18 114 Aug 27
100 1914 188 1901, 18712 1901 18814
5
99
Jan 108
Oct
19012 1904 192
18712
192
Pullman
15,500
3
Company
*3912 40
39
100 14514 Mar 31 19912Sept 16 129 Mar 1734 Sept
4038 40
40% 4014 4114 40
4012 4012 41
5,200 Punta Alerre Sugar
28,
3 285* 26,
50 33 Apr 14 47 Feb 4
8 2878 26% 285* 2614 2612 2614 2812
33 July 4714 Jan
2612 265* 10,600 Pure Oil (The)
*110 111 *110 112
25
253
Apr 13 31 Jan 4
110 110 *110 ill *109 111 *109 111
2518 Aug 33% Feb
200 8% Preferred
493* 51 18 491, 51,
100 106 Apr 14 112343une 25
3
Jan 10812 Sept
495a 5218 5184 5314 53 . 5834 5512 5712 242,400
Radio Corp of Amer___No par 32 Mar 30 5712 Oct 1 10212
3914 Nov 7778 Jan
*4814 49 •484 484 484 485* 483 487
494 4914 2,000
8 483 49
Preferred
50
- --__
Mar
31
Dec
4114
45
1
Oct
3934 3914 4012 4012 --------4134 4154
54 Feb
4458
300 Rand Mines, Ltd
---- - -14
No par
14 -14
14
Apr 30 4134 Oct 1
33% Nov 3912 Aug
.14
144
14
1414
1458 I412 1484 153 12.400 Rey Consolidated Copper...10 323
1012 Mar 3 152 Aug 9
4258 4258 423* 421
4212 43
113* Apr 1738 Feb
*43
44
.43
*43
44
44
Ice
Reid
400
Cream
91
No
par
4178July
43
9 56 Jan 4
Oct 604 Des
*914 94
94 9
'2
4 914
9
914
914 9,4
914 10
1,600 Reis (Robt) & Co
No par
112 112 *111 11214 *11012 112
712July 24 1834 Feb 23
10 May 284 July
11012 1134 112 11314 11312 11578 2,700 Remington Typewriter___
_100 8312 Apr 20 127 Feb 3
__ *116
.- "118
463 Jan 11734 Dec
_ *118
118
11614
_
11814
118
1st
7%
200
preferred
-*118*111 11-8 *111 116
100 108 Apr 21 118 Oct 1 100
*I 1 1 11
Jan 10912 Oct
- -8- .111 iiii •111 116 *111 118
8% 2d preferred
*954 10
100 105 Apr 1 11514 Aug 27 103 Sept 11312 Apr
07t 97
cos 05
94 94
95, 9%
1.800 Replogle Steel
94 97
No par
873May 20 1578 Jan 4
80
*5858 5914 5814 59
80
12% June 234 Jan
69
59
*59
60
*594
80
Republic
1,000
Iron
&
Steel
100 44 May 10 6353 Jan 7
*9614 OS
"9614 9734 *9814 965 *9614 97
4213 Apr 643, Jan
9684 968
*9614 97
Preferred
300
100 9114 Mar 30 99 Sept 15
814 814
8414 July 95
814 Ms
elze
Jan
Os
814 814
814 814
814 84 3,000 Reynolds Spring
No par
108 111
54 Feb 24 1058 Jan 5
110 1114 11012 111
8 July
18
Jam
11012 111
110
11012
8
110,
111,
8
15,000
Reynolds
(RJ) Tob Class B 25 90 Mar 30 115 Aug 30
*81
*81
85
85
814 8114 *81
7212
Mar 951 Nov
85
81
81
*83
84
200 Reggie Insurance Co
Sep(
100
17
Jan
50
79
404 50
80
25
20
*4912 50
85
June 9713 Feb
494 4934 4958 50
50
5014 3,000 Royal Dutch Co(N Y shares). 4914 Aug 9 575 Jan 9
•4014 41123 4034 4058 41
484 Mar 573* Jan
42
4114 42
41
4114 41
4114 2,500 St Joseph Lead
5358 55
5334 54
10 384May II 4818 Feb 10
353 July 5212 MaY
5312 5373 5314 6378 x5212 5278 53
534 6,400 Safety Cable
31
Mar
4218
55
par
No
7812 78,2 *784 79
Sept
*774 79
48 Dec 5013 Dee
7712 81
8112 83,2 844 87
8,800 savage Arms CorporatIon.100 73 Mar 31 10212 Feb 17
54 514
5
54 *5
10
512
4812 July 10833 Mal
5
5
5
5
5
5
1,500 Seneca Conner
43,June 2 1014 Jan 4
' No par
64
85
644 64,2 6412 85
9 Nov
11 Nov
*6412 0512 6158 8514 65
66
2,800
Shubert
Theatre
borp_No
par
52 Mar 4 704 July 28
4838 4878 4818 48% 48
5112 Dec 5513 Dec
484 48
4833 4784 4778 4858 493
3,200 Schulte Retail Stores
No par 4212 Mar 30 13813 Jan 23 1013 Sept 13478 Dec
•118 125 *118 125 *118 125 *11812 125 *11,13 120 *11812 120
Preferred
100 11212 Jan 6 120 Sept 9 110
•1311.4 1373 1358 1334 1378 137, 1372 141, z1 R.. 134 •131* 14
Jan 118 Aug
1 Ann Reourravn C!nrn
57... guy. 191. M., R
141. TO ri, 19
121. 5599 1f111A ltIna
•Sid and milted [niece: no sales on this day. z Ex-dividend. a Ex
-rights. n Ex-dividend one share of Standard OR of California new.
New York Stock Record-Continued--Page 6
1742
For sales during the week of stocks usually inactive, see sixth page preceding
I
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 25.
Monday,
Sep'. 27.
Tuesday,
Sep. 28.
Wednesday, Thursday,
Sept. 30.
Sep. 29.
Friday,
Oct. 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
!AA An AR.
Range SifIVI Jan. 1 1926
On basis of 100-share lots
Lowest
Highest
,.. 044...
Range lest Previous
Year 1925
Lowest
Highest
Shares Indus. & Miscell. (Con.) Par $ per share $ per share $ per share $ per share
13,900 Sears,Roebuck & Co newNopar 4414 Mar 29 5838Sept 7
No par 47 Mar 30 6958 Jan 4 -4-1:118 Mar -9-2 Aug
2,500 Shatuck (F 0)
3912 Sept 49 Dec
500 Shell Transport & Trading_£2 4012July 26 48% Jan 4
211s Aug 2812 Dec
No par 24 Mar 3 3012Sept 3
24,000 Shell Union Oil
9912 Jan 10614 Nov
100 103 Mar 3 114 July 2
1,440 Preferred
1734 Sept 26% Jan
2
Jan
8
285
18
Aug
1518
10
9,400 Simms Petroleum
3114 Mar 5438 Nov
No par 3218 Aug 25 5412 Jan 4
5,400 Simmons Co
100 107 Sept 9 10912July 2 10018 Jan 10618 Dec
Preferred
Jan 247 Feb
17
56,200 Sinclair Cons 011 Corp_No par 18125ept 29 2478 Feb 23
784 Jan 9418 Feb
100 90 Mar 30 99121une 24
700 Preferred
3212 Nov
Mar
4
213
3718June
30
28
Mar
8
265
25
18,800 Skelly 011 Co
8014 Mar 14312 Dec
1,000 Sloss-Sheffield Steel & Iron 100 103 Apr 12 14212 Aug 10
62 Jun 10918 Dec
5,800 South Porto Rico Sugar___100 92 Apr 15 14712 Feb 2
993 Jan 11314 Dec
100 112 May 4 11718 Feb 8
Preferred
25 3012June 14 33 July19-3,600 Southern Calif Edison
4,900 Southern Dairies Cl A_No par 43 Mar 31 5512Ju1y 17 ---- ---- ---- ---No par 22 Mar 31 3534 Mar 11
Class B
10,500
No par 11 June 2 1734 Feb 19 -1-318 -Dec -2-4 May
Spear & Co
7814 Dec 92 May
100 72 Apr 20 8212 Jan 13
Preferred
1512 Feb 36% Sept
No par 1834 Apr 19 313 Feb 5
8,300 Spicer Mfg Co
92 Apr 108 July
100 101 Jan 12 10512Sept 1
Preferred
Oct
4014 Jan 61
40,100 Standard Gas & El Co_No par 51 Mar 2 59 Feb 8
5012 Mar 5612 Nov
50 5334 Mar 30 5738 Feb 9
2,300 Preferred
62 May 88 Des
100 6734May 19 9212 Feb 4
100 Standard Milling
Jan 864 Dec
81
100 80 Mar 2 90 Feb 5
Preferred
44,300 Standard Oil of Cal new.No par 45238May 14 6358Sevt 8
Feb
34,400 Standard 011 of New Jersey_25 4012Mar 3 4638 Jan 2 -3-87g Mar -4712 Feb
100 11514 Aug 26 11918May 18 11614 July 119 Feb
1,700 Pref non-voting
Jan
558 Aug 16
434May 21 1078 Feb 10
300 Stand Plate Glass Co__No par
6214 Mar 82 Des
No par 75 Mar 27 913sSept 24
2,400 Sterling Products
55 Mar 9612 Dec
41,600 Stewart-Warn Sp Corp_No par 61 1;Sept 27 9278 Jan 2
61 Mar 8958 Oct
900 Stromberg Carburetor_No par 5978May 19 7714 Jan 4
4114 Jan 688 Nov
48,500 Studeb'reorp(The) new No par 47 May 18 62 Sept 15
100 11412 Feb 23 1221zJune 23 112 Mar 125 Sept
Preferred
Oct 12 Mar
3
334 Feb 21
112Ju1y 27
No par
4,700 Submarine Boat
384 Nov 438 Nov
No par 3018 Mar 30 41% Jan 4
2,000 Sun Oil
618 Feb
2 Dec
414 Jan 8
1 July 29
No par
10,800 Superior Oil
20 May 4138 Jan
100 1912 Apr 12 3478Sept 7
300 Superior Steel
57 Mar 1512 Oct
50
2,000 Sweets Co of America
83, Apr 13 1758Sept 13
1012 Jan 2078 Sept
712May 14 1412 Jan 4
600 Symington temp ctfs__No par
193 Dec 2618 Sept
800 Class A temp ctfs____No par 16 June 28 207 Feb 4
1614 Nov
11 Aug
Telautograph Corp___ _No par 11 Apr 5 1478 Jan 19
7% Apr 16 Dee
16 Feb 5
No par 1078 Mar 31
5,000 Tenn Copp & C
4234 Jan 55 Dee
25 48 Mar 30 -58 Aug 31
31,600 Texas Company (The)
9712 Feb 1217s Dec
10 11912 Jan 12 184 Oct 1
24,900 Texas Gulf Sulphur
1078 Aug 2338 Feb
8,900 Texas Pacific Coal & 011___ _10 1218 Mar 2 1912 Jan 7
Apr 657 Dec
32 Texas Pacific Land Trust.100 510 Mar 19 1035 May 27 255
3214 Sent 3914 34ct
No par 2718 Mar 31 34 Jan 14
1,100 The Fair
25 4214May 7 5012Sept U.
2,800 Thompson (J R) Co
8 -Dec
100 294Sept 29 3914 Jan 25 -30-14 Sept 167600 Tide Water 011
Oct
99 Nov 101
100 90 Max 31 103 Jan 25
300 Preferred
3734 Mar 5938 Oct
16,500 Timken Roller Bearing_No par 4478 Mar 3 6458Sept 9
Jan 10134 Nov
70
100 9514 Apr 12 11658Sept 22
22,800 Tobacco Products Corp
9318 Jan 11038 Nov
100 103 Mar 3 1184SePt 21
4,400 Class A
57 May
312 Sept
512July 9
3 Mar 4
29,400 Transoll 011 temat newNopar
2412 Sept 35 Jan
200 Transue & Williams St'l No par 15 Aug 28 27 Jan 28
3818 Mar 6514 Nov
1,100 Underwriter Typewriter__25 5014Sein 30 6384 Jan 7
Oct
Apr 86
36
4,600 Union Bag & Paper Corp 100 35 May 21 7114 Jan 5
49,000 Union Carbide & Carb_No par 7712 Mar 29 9 PI Oct 1
Oct -4338 -Feb
25 3714 Jan 20 5838Sept 23 /3
65,200 Union Oil California
94 Dec 134 June
100 8414151ar 31 1203, Ost 1
9,400 Union Tank Car
100 11314May 22 118 July 12 1134 June 1171s May
1,000 Preferred
24 May 367s Mar
15
2512
8July
par
Jan
357
21
Steel____No
United Alloy
6014 Jan 11512 Nov
25 8318 Feb 4 10934 Aug 17
yo.
55
55 -9-922 5535 -sfil, 55 -65-2-4 57i2 -97-12 iiiis 18-12 5;500 United Cigar Stores
Dec 1331 Dee
115
30
June
100
125
4
Mar
8
1147
200
123
Preferred
123
129
*118
*118
125
129
•122 125 *118 121 .118
100 134 Mar 30 171 Sept 8 1107 Feb 16212 Oct
4,800 United Drug
16212 164
164 166
164 165
166 166
166 16712 165 167
Jan 584 Nov
52
8
July
50 554 Mar 5 59
800 1st Preferred
4 5858 *5812 5834 5812 5834 583 5834 58% 5878
1
584 5814 58/
No par 98 Apr 15 11812Sept8-11412 115
11414 11514 1,700 United Fruit new
11512 11534 11512 11512 115 1154 115 115
-33-12 Dec
Ain
1814
2
3312Mar
17
Sept
18
100
Paperboard
United
.31813 2012 *1812 204 .31813 2012 *1812 2012 *184 2012 *1812 2012
947 Dec 10312 Oct
Universal Pictures 1st pfd_100 90 Mar 8 9712July 8
96
*94
*94
96
*9212 954 .9213 9512 *9212 9512 .59212 96
Dec 5078 Feb
26
5
Jan
4
3
28
31
Mar
8
135
par
&
Pipe
No
Had_
Universal
6,800
2112
21
2118
2034
21
2118
205s
2038 204 207s 2038
20
65 July 94 Feb
100 52 Mar 30 784 Jan 5
100 Preferred
7378 *7118 737
737 •72
7358 7358 7338 .72
7358 *71
*71
13,400 U S Cast Iron Pipe & Fdy_100 150 May 19 24812 Aug 3 13114 Apr 250 Feb
21434 222
21014 213
209% 21214 20934 21034 2104 21312 210 215
91 July 113 Aug
9
July
109
8
Mar
10014
100
700
Preferred
*102 107 *102 107 .102 107 *102 107 *102 10612 10538 10534
304 Feb 634 Dec
39 Mar 30 6112 Feb 13
10,400 U S Distrlb Corp tem ctf No pa
5312 5234 5234 5234 5412 543 55
53
53
53
54
54
Jan 494 Oct
7g Jan 2 548 Feb 4
23
45
par
yteNo
US
Mach
Ifoff
Corp
3,900
5112
5112
4
5112
513
5438
513
5112
8
515
4
52
8
517
5112 5112
Oct
7014 Dec 98
17
Sept
82
30
Mar
8
453
100
775
78
7914 11,700 U S Industrial Alcohol_
7913 8038 7814 7934 7814 783.1 7658 784 77
100 9914 Apr 22 108 Sept 20 102 Dec 115 June
100 Preferred
106 106 *10512 108 *10334 1064 *10312 109
.10512 109 *106 109
4
Jan
717
29
Mar
4818
par
.No
&
Realty
US
new
3,600
Impt
6212
624
6212 62
63
62
63
62% 634 63
63
62
100 5014May 19 8814 Jan 23 -3312 Mar -9712 Nov
6034 6112 5958 6138 6034 6138 34,400 United States Rubber
6234 6118 6212 6118 617
62
9234 Mar 1087s Nov
100 10112Mar 30 109 Jan 19
lst Preferred
1077s 10834 10812 10812 1088 10834 1,200
4,10654 10712 19732 10734 *10713 108
Feb 51 Dee
30
3212Sept 21 497 Jan 2
_50
US
Mm.
&
9,200
Ref
Smelting,
36
3512 36% 3512 3612
3414 3518 35
3514 3618 334 35
Apr 4914 Dec
44
50 4714 Aug 19 50 Jan 4
4812 484 *4714 48/
4 1,300 Preferred
1
*4814 4914 4712 4712 *4712 4812 4712 477
15 15958 Aug 17 11238 Mar 13914 Nov
Apr
117
Corp__100
Steel
United
642,000
States
8
1533
4 150%
/
149 15012 14784 14972 14734 1504 148 14973 1481
4 1501
/
May
12218
12658 Jan
11
13018June
3
12412Mar
100
127 127
127 12712 12738 12778 2,700 Preferred
12614 127
12634 12718 12612 127
5113 Mar 5914 NOV
No par 5612 Jan 4 Si Sept 9
U S Tobacco
*6214 65
*6214 65
*6214 65
*6214 65
*6214 65
*628 65
58 Apr 114 Sept
106
Mar
19
112
Aug
100
115
19
Preferred
•114
___
115
*114 115
___ *114 115 *114
*114__ *114
82 Mar 111 Nov
10 93 Apr 1 10612 Oct 1
500 Utah Copper
10434 10612
•8834 105 *100 1-05 *100 105
*8834 105
.3814 1-0-5
30 Aug 38 Aug
2814 Mar 31 37 Feb 15
par
_No
A__
Lt
&
Pow
Utilities
5,900
3012
3012
307
317
31
31
313*
4
303
3114
3114 31
31
2538 May 3434 July
No par 29 Mar 3 43 Aug 16
1,900 Vanadium Corp
397
*3914 40
39
*3914 40
3914 40
*3914 4014 3934 40
6
Aug
52
21
No par 4314July
1,000 Vick Chemical
*4512 46
46
46
*4512 46
.4512 46
4578 46
46
46
-1-12 Sept
-lit July
1% Jan 15
58 Feb 26
Virginia-Caro Chem_ _No par
_
__
1778 Dec 2178 Dec
No par 10 Sept 1 2512 Feb 3
New
1058 10% 1012 1012 10T8 -1-0-12 _ -4-,300
1058 1114
11
1034 1034 11
78 Aug
4% July
1% Jan 8
34July 2
No par
5614 Nov 637 Dec
100 39 Aug 31 69 Jan 4
'411,..42- '
-kiiiz 12- -;101.2 -414 -ii- ii- -ii- -if - -.kris if - - -2-,999 6% pref WI
9214
6
Nov
Dec
9512
Jan
9818
8
8512July
100
1,600 7% pref WI
90
90
90
*9012 9138 9014 9014 9018 9014 9012 9012 90
30 June 46 Dec
200 Virginia Iron Coal & Coke_100 40 May 15 50 June 10
50 '347
*47
30
50
4818 484 *47
48
43
48
*47
Jan
Dee
283
4
1
/
7
3
Aug
327
30
Mar
s
26
par
_No
__
__No
new
(V)
Vivaudou
4 23114 3112 5,800
/
3238 3175 3238 3134 321
3212 32
3238 3258 32
100 9434 Jan 29 101 Sept 23
100 Preferred
4 *104 105
1
*104 10434 *10412 10434 10412 10412 *104 10434 *104 104/
1-44 Aug
19
Aug
2178
Jan
8
9i7
1
12
Jan
17
par
No
System
Waldorf
1,400
8
203
4
/
201
8
2052
203
2012
4
1
20/
2034 2034 *2034 21
'2034 21
2114 Dec 241 Dee
No par 1214June 2 2314 Jan 27
100 Walworth Co ctfs
153 1538 *1512 16
*1538 16
*1528 16
.1538 16
•1538 16
99 June 30 195 Jan 2 116 Apr 198 Dec
par
No
A
Class
Ward
Baking
110
•____
105
___
.--*.
120
•____
10912
120
*100 10014 •____
3714 Mar 9512 Oct
No par 2414May 18 85% Feb 1
Class B
2678 277
278 2834 13,300
3034 2918 303* 2638 29
3034 3034 30
9412 Feb 112 Dec
No par 13934Sept .'0 11011 Jan 15
9012 1,200 Preferred (100)
9112 8972 9118 89% 904 90
*91
93
*91
93
*91
278 Oct
1714 Dec
15
6914Sept
11
June
12
10
A___
Pictures
7
Bros
Warner
273,600
6114
5634
6214
57
59%
5814 6078 5614
6512 5812 63
62
43 June 504 July
No par 437 Apr 15 52 Aug 30
1,000 Warren Bros
49
4912 4934 4918 4912 49
4 49
/
*484 4878 481
4 49
/
*481
Apr 10012 Dec
51
& Hellbr, new c_No par 53 Apr 20 8512 Jan 13
Weber
700
59
*5512
56
*5512
5934
56
58
58
58
58
56
56
1,900 Western Union Telegraph-100 13412 Mar 30 15778 Sept 8 11614 Jan 1447 Sept
147 147
149 149
151 151
151 15134 150 150
*151 152
97 Apr 144 Aug
13412 13534 10,000 Westinghouse Air Brake-50 10514 Mar 31 13912Sept 8
13418 13512 213312 134
13518 1374 13512 13612 135 136
4 Mar 84 Jan
/
661
Westinghouse Elec dr Mfg__50 65 May 19 7912 Feb 10
23,400
5
704
703*
8
695
7015
4
%
723
69
2
71
713*
6938 694 695* 71
81
July
28
19'z
4 Apr 204 Aug
1
9/
10
aY
4
133
Instrument
Elea
Weston
17,200
1734 1812 183 19
1812 1734 18
1712 18
17
17
17
4
Jan
2714
7
3238July
1958
Mar 2878 Des
Class A
1,400
32
32
32
3214 32
32
3172 3112 314 3134 32
.31
__ --- ---par 8812 Jan 6 98 Sept 28
__
300 West Penn Elec cl A vtf No 100
98
*96
*94
98
96
98
98
98
98
98 .97
*96
9512May 17 101 Sept 29
-Preferred
100
__
- *101
101 .101
*100 102 •100__ *100
100 108 Mar 25 115 Sept 21 1-04
Jan 111 July
West Penn Power pref
-- *113 1-1-6
___
_ *113 116 *11318 115
*113 116 .113 1-1-7 *113
No par 2518 Apr 20 2934 Feb 10
2.512 Aug 3134 Feb
26
257 2578 1,600 White Eagle Oil
2612 -2-0-34 2638 2612 226
2634 2634 27
27
50 5118 Apr 15 90 Feb 11
574 Mar 1044 Aug
6,900 White Motor
5512 56
5612 5634 5612 57
5612 5558 5612 5514 56
56
3312 Dec 493 Aug
Ca-NO Par 26 Mar 27 383* Feb 3
SD
Min
Rock
White
1,000
2734
26
2612
*26
2612
*2614
2612
*2534
2634
*2614
2714
2614
31 Jan 6
34July 22
538 May
2 Dec
4.7, 1
78 1,000 Wickwire Spencer Steel ctf___
78
78
"4
78
78
78
78
1
*78
5 18 May 17 34 Jan 4
918 Jan 347 Nov
2234 89,500 Willys-Overland (The)
2134 2234 217s 2214 22
2314 2334 2212 23/
4 2212 23
1
100 9014Sept 29 99 Feb 4
4 Jan 12378 Dec
1
72/
Preferred
7
2,800
8
3
914
90
4
903
4
90
91
9014
92
92
92
917 92
92
6 May 20 1214 July 16
1114 1114 1134 1118 1118 2,900 Wilson & Co, Inc, new.No par
11
1112 114 1118
1112 1134 *11
No par 14 May 21 2278Sept 16 ---- ---- ---- ---Class A
22
22
214 2218 217 2172 2112 2112 2112 2118 1,300
22
22
May 19 66 Sept 24
42
100
- ---- - -- -Preferred
1,100
64
*6212
*62
63
63
63
6412 *6312 64
64
65
65
Oct
25 13514May 19 222 Jan 4 1-1214 Jan 220
58,100 Woolworth Co (F W)
16118 16412 16534 163
16112 16334 160 16234 16058 16312 16034 162
3514 Aug 793* Jan
100 2014 Mar 30 4434 Jan 6
M
&
P
Worthington
3,500
31
31
31
4
/
321
31
.30
3211
8
*305
3212
31
3214 3312
Jan
Aug
66
11
83
100
80
Nov
76
2
Feb
A
Preferred
200
70
70
*64
*64
70
*64
*66
70
67
66
66
*66
100 53 Mar 29 65 Feb 24
58 Aug 7634 Feb
100 Preferred B
5412 .544 541
5418 5418 •54
58
*54
58
*54
*5412 58
16 Mar 3238 July
3234 3234 '31% 3234 1,100 Wright Aeronautical_ __No par 2412 Mar 30 3914J0ly 16
*3212 33
33
3212 3212 323* 3314 33
3
Apr
47
2512 Mar 5714 Oct
11
Feb
par
5934
No
Jr)
(Wm
Wrigley
500
52
*5034 5212 *5134 5212 5134 517
52
5214 5214 *5084 52
25 6012 Mar 4 7212 Aug 26
62 Sept701/4 July
dr
Yale
Towne
300
70
70
70
*6812
70
70
*6812
*6812
70
*6812
*6812 70
2278 (let 408 Oct
36 202,000 Yellow Truck & Coach__100 20 May 24 • 3958Sept 8
327k 3312 3218 3314 3238 334 325 3512 3438 35% 35
Oct
Oct100
90
100 9112 Apr 3 10712Sept 2
400 Preferred
103 10418 *102 10414
10212 103
*100 1034 *102 103 *102 103
63 Mar 9912 Nov
_No par 69 May 14 9514 Aug 9
T
ar
Sheet
Youngstown
6,500
8
883
4
863
8612
8612
8614 3734 8612 8612 8612 8712
88
88
g
•Bld and asked prices; no sales on this day. z Ex-dividend. 0 Es-dividend and ex-
g per share $ per share $ per share $ per share 5 per share 5 per share
5578 553 558 5512 567
55
5634 5558 5614 5514 557
56
60
59
*59
59
60
61
59
60
59
59
*5812 59
443
*43
*4214 4334 *4238 4334 4238 4238 4278 43
*4234 44
2918 2914 288 2918 2834 2918 2812 29 '2812 285a 2838 2834
*10618
106
106
10718
107
10612
107 107
107 107 *10634 107
1838 18
1818 1778 1814
1814 1812 18
1814 1812 1818 185
3338 33
333
33
3338 33
33
3318 3234 3358 3358 335
*10634 107 *10634 107 *10634 107 *10634 1067 *10634 10678 *10634 10678
4 1812 1978 1914 1934 1912 1978
1
20/
2038 204 2058 20
20
9712
975 *96
9812 *97
9512 968 9612 96
9812 *97
*97
3478
34
3438 35
344 3438 3238 3438 3314 3414 3338 34
127 12834
130 132 *127 130 *125 132
4 12514 *125 130
/
1251
114 114
11712 11912 11712 1183i 119 11978
114 115
11512 113
*106 11714 *106 11714 *106 11714 *106 11714 *106 11714 *106 11714
3134 3134 3138 3134 3118 3112
3012 308 3138 317
3112 313
5014 5058 5012 5058 5012 5034 50
5034 50
5014 49% 5013
27
2618 2612 26
2718 2758 2714 2712 267s 2713 2612 27
*102 14
*1112 14
*1112 14
*1112 1412 *1112 1412 *1112 14
80
*75
80 .75
80
*75
*75
80
80
*75
80
*76
2334 2418
24
2434 2538 2438 2438 2414 25
2418 2414 23
•10212 104 *10213 104 *10212 104 *10212 104 *10212 104 *10212 104
55
5512 5514 5612 5614 5714 5518 5634 25434 5514 5412 55
557 56
5614 55% 56
564 5618 5618 56
558 56
*56
71
71
72
*70
71
*70
72
*70
*7014 7134 *7012 72
88
*83
88
83
*83
*83
88
88
*83
*83
88
*83
6014 604 6038 6034 6014 6034 597 6012 5912 60
6038 61
4212
4234 428 4234 4278 4238 4278 4218 4238 417 4238 42
11618 11614
11638 116% 11614 11612 11614 11614 11618 11614 116 116
57
.534
534
*54
4
53
*512
*513
538
512 512
*54 6
9014
*90
90
90
8912 8934 894 90
4 8912 90
1
90/
90
6614
65
6312 65
6178 6412 6318 64
6114 63
634 64
6012 60%
61
61
6078 61
61
61
61
6112 6112 61
59
5734 5834 5712 5814 5732 5812 57% 5814 5718 5852 58
*119 120 *119 120 *119 120 *119 120 *119 120 *119 120
218
2
2
2
2
2
238
2
218 214
238 212
3412 3338 3412
34
34
*33
3314 34
34
*33
38
*33
234
8
23
238
214
214
2
214
218
214
218
214
214
30
*26
30
30
30
*2912 30
2912 2912 2534 25% *26
164 1612 1612 *1618 1612 1614 1614
1612 16
16
'16
16
812
*814 812 *814
814 814
814 814
814 814
814 814
1634 1634 1618 1618 1614 1638 *1614 1612 *1614 1612
•1634 17
•12
1212 *11
1212 *1112 1238 *1112 12% *1112 1238 *1112 1238
1214
1112 1112 1112 1112 1112 1112 1112 1134 1112 1218 12
557 5612 5512 5612 5438 5534 5414 5458 5418 5412 5414 5434
176 17812 1784 18012 17812 18114 173 1813, 178 18012 18078 184
1438 15
15
1518 154 1434 1514 15
1518 1518 151s 153
925 940 *880 930 *880 930 *880 950
971 972 *900 950
2712 274 2712 2712 2712 2712
*2712 28
*2712 28
*2712 28
4834 4758 484 48
4834
48
*484 484 *4734 4812 4734 49
2912 2954 297 297 *2912 30
30
30
31
*30
31
*30
9012 9012 9038 903*
9012 9013 *9014 91
*9012 92
*9012 92
6238 6234 6234 6314 6238 6334 6112 6212 615 6312 6318 64
114 11412 11312 11412 11338 11438 114 11412
11578 11612 211412 115
11712 11712 11678 1174 11638 11678 11612 117
11634 11712 11738 118
414
4
418
44 43
4
4
418 412
418 414
4
1
4/
15
15
16
15
*15
16
15
*15
16
*15
16
*15
504 5178 5118 52
52
*5114 5212 524 524 *5112 5212 52
4712 47
47
47
4812 49
5112
48
48
*47
*4712 48
904 9234 92% 9434
913
9012 90
9034 90
90
9038 91
5412 5538 5438 56% 547 58
5434 5631 5458 5538 5438 5514
11714 12038
116 11618 117 11912 11712 120
116 119
118 119
*11412 11512 115 11512 11512 11512 11512 11512 11518 11512 1143 11514
__101
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
1743
Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest---except for income and de/nu/led bonds.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 1.
t
Na.
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
coc2
U. S. Gaaaaa mint.
Bid
High No.
Ask Low
First Liberty Loanin 1001141 Sale 10013n 10010n 782
33% of 1932-1947
Cony 4% of 1932-47
JD 1001544 - -- 1001%5100"n
4
JD 101",,Sale 101",,101",, 115
Cony 434% of 1932-47
in 10110n
2d cony 434% of 1932-47
-- 1023:2July'26
Second Liberty Loan45 of 1927-1942
MN 100 10010n 100
84
1003ss
Cony 434% of 1927-1942
MN 1001441 Sale 100'',,100",, 582
Third Liberty LoanMS 1013n Sale 1011n 1013,2 713
4j4% of 1928
Fourth Liberty LoanAO 102
434% of 1933-1938
Sale 10130.1102'n 742
Treasury 4345
1947-1952 AO 10711142 Sale 10710 510730n 69
Treasury 45
1944-1954 SD 1031144 Sale 1031152103"n 65
Treasury 3415
1946-1956 MS 1011641 Sale 101150101"n 237
State and City Securities.
N Y City-4 <s Corp Stock 1960 MS
4348 Corporate stock
1964 MS
4448 Corporate stock
1966 AO
4448 Corporate stock
1972 AO
4445 Corporate stock
1971 JD
4445 Corporate stock_July1967 ii
4445 Corporate stock
1965 in
4348 Corporate stock
1963 MS
4% Corporate stock
1959 MN
4% Corporate stock
1958 MN
4% Corporate stock
1957 MN
. 4% Corporate stock
1956 MN
4% Corporate stock
1955 MN
4% Corporate stock
1936 MN
434% Corporate stock__ _1957 MN
434% Corporate stock _ _ _1957 MN
344% Corporate stk_May 1964 MN
344% Corporate stk_Nov 1954 MN
3445 Corporate stock
1955 MN
New York State CanalIs 48.1961 J J
48 Canal
1960
48
1962
48 Canal
1942 J J
434s Canal impt
1964 J J
48 Highway impt regist'd_1958
Highway improv't 4345_ _ _1963 MS
Virginia 2-35
1991 ii
1008
_ 10012 10012
102 Sale 10112 102
10112 102 1023 July'26
10158 102 102 Sept'26
10614 10654 1055s Apr'26
105/
1
4 10634 10614 June'26
105/
1
4 106/
1
4 106 Aug'26
105/
1
4 106/
1
4 10558 105%
Ms -- 9812 Sept'26
9812 99
9854 Sept'26
9812 99
983 Sept'26
9754 _ _ _ _ 0714 Mar'26
9734 ____ 9714 Apr'26
99 Mar'26
____ 1057s 10514 Sept'26
10578 10558 Sept'26
8914 8934 89 Aug'26
8914
89% July'26
89 Apr'26
- ---- 101% Jan'26
10212 Aug'26
--- 102 May'26
- - - - - - 10158 Mar'25
102 Apr'26
10178 Mar'26
11014 May'26
7612 Feb'25
Foreign Gov't and Municipal's
Argentine (Nat Govt of) 78_1927 FA
Sink fund (is of June 1925.1959 in
Est!s f 6s of Oct 1925_ _ _1959 AO
Sink fund as Series A__
1957 MS
External 68 series B__Dee 1958 Jo
Esti s f68 of May'26 rects.1960 MN
Argentine Treasury 58 £.-..1945 M
Australia 30-yr 5s._ _July 1-5 1955 Si
Austrian (Govt) s f 75
1943 JD
Bavaria (Free State) 6446_1945 FA
Belgium 25-yr ext at 7448 g_1945 in
20-year s f 88
1941 FA
25-year external 6448
1949 MS
External s f (is
1955 J J
External 30-year s f 78.-1955 JD
Bergen (Norway)8 f 88
1945 MN
25-year sinking fund 613._ _1949 AD
Berlin (Germany) 6545
1950 AO
Bogota (City) ext'l at 88.._ _1945 AO
Bolivia (Republic of) 88_ _ _1947 MN
Bordeaux (City of) 15-yr 68_1934 MN
Brazil(U El of) external 85_ 1941 in
External s f 64411 of 1926.1957 AO
78 (Central Railway)
1952 in
7345(coffee secur) (flat).1952 AO
Bremen (State of) ext'l 7s_ _ _1935 MN
Buenos Aires(City) extl 65451955 Si
Canada(Dominion of) 55_ _1931 AO
10-year 5448
1929 FA
.55
1952 MN
. 4448
1936 FA
Carlsbad (City) 5 f 88
1954'S
Chile (Republic) ext'l s f 8s 1941 FA
External 5-Year at 8s_ _ _1926 AO
20-year external 7s
1942 MN
25-year sinking fund 88..1946 MN
Chile Mtge Bk 6448 June 30 1957 J D
f 6448 of 1926_ _June 30 1961 J D
Chinese(Hukuang Ry)58_.1951 J D
Christiania (Oslo) 30-yr sf681954 MS
Cologne (City) Germany634s1950
S
Colombia (Republic)6345_ _ _1927 AO
Copenhagen 25-year s f 5548_1944 ii
Cordoba (Prov) Argentina 751942 Si
Cuba 58 of 1904
1944 MS
External 58 of 1914 ser A_1949
A
External loan 4348
1949 FA
Sinking fund 544s
1953 J J
Czechoslovakia(Rep of) 88_ _1951 AO
Sinking gund 88 ser B
_1952 AO
External 8 f 744s series A._1945 AO
100% Sale 100/
1
4 100/
1
4
9814 Sale 9814
9834
9814 Sale 9814
9812
99 Sale 9834
99%
9814 Sale 9814
9834
9814 Sale 9814
98%
9212 Sale 91%
9212
9812 Sale 9814
9812
10112 Sale 10115 10235
9514 Sale 9434
95
107% Sale 107
10772
107% Sale 10714 10735
92% Sale 9214
93
86% Sale 85
8612
95% Sale 94/
1
4
96/
1
4
112% 11312 113
113
994 100
9912 100
95% Sale 94%
95%
104 Sale 102
104
10312 Sale 103
104
87% Sale 87
87%
104 Sale 104
10454
89% Sale 89
894
9514 Sale 9478
96%
10778 108 10758 Sept'26
9934 Sale 9914
9955
9912 Sale 9912 100
101% Sale 101
102
10112 Sale 101% 102
10378 Sale 102
104
9754 Sale 9734
98%
10214 103 10214 10212
108% Sale 10814
1084
10078 10114 10114 Sept'26
101 Sale 10038 10114
10838 Sale 10814
10812
9512
9512 96
9614
9812 Sale 9812
9914
37
3712 39
3812
10012
9934 10134 1004
95 Sale 94
95
10012 10078 10035 10012
994 Sale 9912 10012
99 Sale 075s
99
100 10114 101
102
102
_ _ _ _ 9434
9534
00
9554 94 Sept'26
102 Sale 10158 10218
10234 Sale 10214 10314
10254 Sale 10112 102%
10134 Sale 101% 103
Danish Cons Munielp fls A_ _1946 F A Ill 11112 111 Sept'26
Series 13 sf88
1946 F A 11012 112 1 lOis
11114
Denmark 20-year 68
1942 J J 104 Sale 103%
Dept of Caldas(Colombia)7345146
95%
J J 9554 Sale 95%
Dominican Rep Con Adm a f 58'58 F A
10214 --- 10214
10214
Custom Administen 5545_1942 M S 97%
Bale
9712
98
Dresden (City) external 7s_ _1945 MN
9754
9712 98
9812
Dutch East Indies extl 68. _1947 J J 105
Sale 105
10512
40-year 68
1962 M S 105 Sale 108
10512
30-year external 544s
1953 M S 103 10312 103% 10312
30-year external 5448
1953 MN 103 10312 10314
10312
El Salvador (Repub) 88 _ _1948 J J 10712
107% 10812
Finland (Republic) extl 613. _1945 M S 8912 10814
8812
8954
Sale
External sink fund 78_ _ _ _1950 M
9914
Sale 9854
Finnish Mun Loan 644s A_ _1954 A 0 9914
931..
9312
93%
External 6448 series B_ _ A954 A 0 9378 Sale 9312
95
Sale
French Repub 25-yr ext'l 88_1945 M S 104% Sale 10418 1047
8
20-year external loan 7%8_1941 J D 9814 Sale 9814
99
External 7s of 1924
1949 J D 9214 Sale ova
934
German Republic ext'l 7s.__1949 A 0 105 Sale 10478 10518
German Gent Agric Bank 78_1950 M S
99% Bale 9904
994
Gras (Municipality) 88
1954 MN 9814 99
9934
99
Gt Brit & Irel(UK of) 5548_1937 F A 105 Sale
10434 10514
10-year cony 5348
1929 F A 118 Sale 11778 118
Greater Prague(City)7348_l952 MN 10114 Sale
10014 10154
Greek Government 7s
1964 M N 8778 88% 8774
8814
Haiti (Republic) a f 68
1952 A 0 9912 Sale 99
9954
Heidelberg (Germany)ext 734650
J 100% Sale 100
10054
Hungarian Munic Loan 7345.19455 J 9614
Sale
96
97
Hungary (KIngd of)s f 740_1944 F A 9978
99%
Sale pots
Ind Bank of Japan 6% notes.1927 F A 10014
10014
Italy (Kingdom of) ext'l 78_ _1951 J D 915 Sale 100
921s
4
91%
Sale
Japanese Govt £ loan 48_ _ _1931 J J 8958
8934
Sale 8912
30-year f 6328
1954 F A 9814 Sale 9734
98%
Oriental Development 68.1953 M S 9178 Sale
9278
9134
Leipzig (Germany) a f 7s_
1947 F A 97% Sale 9718
98
Lyons (City of) 15-year 68_ _1934 M N 8714 Sale
7
87%
Marseilles(City of) 15-yr 68.1934 M N 8714 Sale
8714
87
Mexican Irrigation 454s_ _ _ _1943 M N
30 Mar'26
Assenting at 444s
1943
36
37
37 Sept'26
$5=g. b JulY k Due Aug. p Due Nov. 8 Option sale
11
Range
Since
Jan, 1
Low
High
99135101"n
9911
/
4201"n
10111
/
4202"n
101312 0211
/
4
,
9931
/
4500"n
10011
/
42 101
1001,5 0111,5
1011322033n
1063n 0801
/
42
102'',,04O,,
10015,.023n
100 101
10012 10214
100/
1
4 102/
1
4
100/
1
4 102
10512 1053s
1047g 10635
104/
1
4 10634
10412 106/
1
4
9734 99
9734 99
9778 99
974 9714
9714 9714
98
99
10412 106
10414 105/
1
4
87/
1
4 8912
8814 89/
1
4
88/
1
4 89
1011
/
4 1013/1
10212 10212
10134 102
102 11-614
1017s 10172
11014 11012
59
102
163
177
137
305,
97
91
85
76
29
8
34
27
52
1
11
185
21
114
13
68
273
95
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 1.
Mexico(U S) extl 58 of 1899 £'45 Q
Assenting 58 of 1899
1945
Assenting 58 large
Assenting 56 small
Gold deb 48 of 1904
1954 3D
Assenting 48 of 1904
Assenting 4801 1904 small
Assenting 4801 1910
is
Assenting 4s of 1910 large.....
Assenting 48 of 1910 small
Tress 6s of'31 assent(large)'33
Small
_
Montevideo 78
1952 J D
Netherlands 68 (flat prices) 1972 MS
30-year external (is (flat)._1954 AO
Norway 20-year extl 68
1943 FA
20-year external (is
1944 FA
30-year external 68
1952 A0
40-year s f 534s temp
1965 J D
Oslo (City) 30-year 8168_ .l955 MN
Panama (Rep) esti 5448._ 1953 in
Peru (Rep of) external 8s_ _ _1944 AO
Ent sink fd 734s temp__ --1940 MN
Poland (Rep of) gold 68
1940 AO
Esti sink fd g 88
1950 is
Porto Alegre (City of) 88_ _ _ _1961 Jo
Queensland (State)extl s f 78 1941 AO
25-year external 68
1947 FA
Rio Grande do Sul extl s f 88-1946 AO
Rio de Janeiro 25-yr 5 f 88_ -1946 A0
25-yr extl 85
1947 AO
Rotterdam (City) extl 65_ _1964 MN
Sao Paulo(City)Sf88
1952 MN
San Paulo (State) ext s f 88_ _1936 is
External 5 f 85 lot recta_ -1950'3
External water loan 7s_ _ -1956 MS
Santa Fe (Prov Arg Rep) 76-1942 MS
Seine (France) extl 78
1942 J J
Serbs, Croats dc Slovenes 88-1962 MN
Soissons (City) extl 68
1936 MN
Sweden 20-year 68
1939 J D
External loan 5%s
1954 MN
Swiss Conted'n 213--yr 5 f 88-1940 Si
Switzerland Govt ext 5348_1946 AO
Tokyo City 58 loan of 1912_ _1952 MS
Trondhjem (City) extl 6548.1944 Si
Upper Austria (Prov) 7s_
1945 in
Uruguay(Republic) extl 88_ _1946 FA
External s f 65 lot recta...1960 MN
Railroad
Ala Gt Sou 1st eons A 5s_ _1943 3D
Ala Mid 1St guar gold 58.
1928 MN
Alb & Susq cony 344s
1946 AO
Alleg & West 1st g gu 48
1998 A0
mieg Val gen guar g 4s
1942 MS
Ann Arbor late 45
July 1995 Q
Atch Top & S Fe-Gen g 48_1995 AO
Registered
A0
Adjustment gold 4s .July 1995 Nov
Registered
Nov
Stamped
July 1995 MN
Registered
MN
Cony gold 4s 1909
1955in
Cony 48 1905
1955 JD
Cony g 4s issue of 1910_1960 JD
East Okla Div 1st g 48.-1928 MS
Rocky Mtn Div 1st 4s_ _ -1965 is
Trans-Con Short L 1st 48-1958 Si
Cal-Ariz lst & ref 434/3 A-1962
S
Atl Knoxv & Nor 1st g Esit_ -1946 Jo
Atl & Chart A List A 4548.-1944 Si
1st 30-year 55 series B__ _ _1944 Si
Atlantic City 1st cons 4s
1951 Si
AU Coast Line 1st cons 43_61952 MB
10-year secured 75
1930 MN
General unified 444s
1964 J D
L & N coil gold 4s_ _ _Oct 1952 MN
Atl & Danv 1st g 4s
1948 Si
2d45
1948 Si
1949 AO
Atl & Yad let g guar 4s
Austin & N W 1st gu g
_1941 Si
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
High
Ask Low
Bid
50 Aug'26
5112 70
44%
4458 Sale 4414
42 Aug'26
3712 May'25
28
3112 34 July'26
2812 Sale 28%
2834
2578 Sept'26
2558 Aug'25
27¼ 28
27% Sale 27%
284
25% Sale 2535
2572
4312 46 46 Sept'26
46 Sept'26
100% Sale 10012 1004
107% 107% 10714 107%
104 Sale 10378 10418
10114 Sale 101
101%
101% Sale 101
101%
101 Sale 101
10114
9858 Sale 9812
99
100% Sale 100
1001s
102 10254 102% Sept'26
10334 Sale 10312 10334
100 Sale 100
10054
71 Sale 6912
71
8878 Sale 88
90
10314 Sale 10314 10314
10418 Sale 11375 11415
105 Sale 105
10514
103 Sale 103
104
10312 Sale 10234 10312
10212 Sale 10214 103
104% Sale 10412 104/
1
4
Range
Since
Jan. 1
No, Low
4215
15
34%
38
27
. 35
71
27
6
33
45
52
41
94
2
20
122
62
371
1
2
18
32
25
32
13
High
55
50/
1
4
4834
271g 34
2014 3712
25% 2558
;
-34.7
22
313s
3912 5214
3712 5312
96 10212
10658 110
10314 104%
9934 10278
100 1024
100 10212
95
9918
9812 10114
10012 103
10112 105
97 10134
71
61
8218 91
9838 10378
11012 11414
1041g 108
98as 105
9714 104
97 103
103 107
10578 106 1053s 106
3 10012 106
10512 Sale 1051g
10535 23 10214 10612
10578 Sale 10514 1057g 29 10112 106
96% Sale 96/
1
4
9634 32
9412 97/
1
4
9434 Sale 937
95 -- -93
94
904 Sale 9015
9114 41
84
94
94 Sale 9312
94
86
84
9458
8418 Sale 84
12
86's
87
81
10438 10514 104
10514 37 10312 105%
104 Sale 10335 10412 48 10112 10518
11312 Sale 113
11333 17 113 11714
1034 Sale 10314 10375 23 102% 106
7412 7512 75
75
20
77
67
10012 Sale 10014
10012 13
9914 1014
91
23
9034 Sale 9034
90
94
109 1094 109% Sept'26
- 10712 111
95114 Sale 9554
9575 137
9554 97
1003s 1021,
96
997g
957g 100
9614 10014
9534 99/
1
4
98
102
9975
_ 1035s Aug'26
85
10012 102 100% 10012
9314
/
4
9615 991
86
8612 8578 Sept'26
100 103
84
84
3
9438 95
94 _ _ 9414 Sept'26
105 11114
79% Sale 79/
1
4
7934
1
19534 10838
9078 Sale 907g
9175 114
88
95
90 Sept'26
8112 8778
8712 Sept'26
91.35 9734
8214
_ 875 Sept'26 91
11214 115
8714 8713 87%
87% 13
98 1017g
8212 8712 85 Sept'26
8812
_ 87%
8515 95/
1
4
5
8812
9634 104
87 Ili 88
8878
4
9612 10415
841s 8734 8734 Aug'26
99
8114 8912
993a 9912
9934 27
10012 105
8814 8935 8912. 8912
5
897
, 9034 8938 Sept'26
89
90
8912 9612
9675 9712 9638 Sept'26
103% 108
1031
-- 10312 Apr'26
42
9212 9058
97as
4-9734 9734 Sept'26
13
10312 Sale 10312 10312
9714 101%
8
25 101 10315
85 _ _ _ 8512 July'25
51 10115 10335
9254 Sale 924
9234 14
48 102 10535
105 Sale 105
10512 14
16
9734 99
1
4
4
9714- 97/
9714
3 101/
1
4 10412
9034 if% 9014
9034
1
14 10714 10934
80
80% 8034
1
8034
10014 10234
71 Sale 71
711
/
4
8
29 100 10212
8112 82 8112 Sept'26
9 107 10935
10154 ---- 102 July'26
44
9454 9812
375
9178 31
9812 9912 Bait & Ohio late 48. _1 _July 1948 AO 9012 Sale 9012
24
37
9034 8918 Sept'26
Registered
4875
July 19
933
48 OS 89
3
96% Sale 9618
99 10212
9654 133
20-year cony 434s
71
91
-- 95% Sept'26
Registered
95
MS
8
9934 100/
1
4
Refund & gen 58 series A _ _1995 3D 9778 Sale 9734
9812 97
29
9814 101
110
103
late 55
1948 A0 10278 Bale 10218
12
10-year 68
9534 997g
1929 Si 102% Sale 1024 10318 35
12!
10614 Sale 106
98 102
10638 57
Ref & gen lis series C
1955
17
9454 10212
7
9134
FLE&W Va Sys ref 48_1941 M N 9114 9154 9114
10014 Sale 100
-8854 10114
Southw Div 1st 58
10014 43
65 100% 103
7
8014
Tol & Cin Div 1st ref 48 A..1959
J 8014 Sale 80
1999.1 j
36
991/4 10334
233
98
Ref & gen 58 series D_ _2000 M S 9738 Sale 9714
77
9934 104
Battle Crk & Stur 1st gu 38_1989 J D 6238 6312 6214 Feb'26
171
9578 103
Beech Creek latgug4s,j936J J 9454 9612 9512 lu1y'26
_ _ _ 94 Aug'26
Registered
J
10812 11214 Beech Crk Ext 1st g 344s_ _ _1951 A 0 947812 8234 80 Aug'26
17 10812 112
9014 91
Big Sandy 1st 45
9058 Sept'26
44 102 10512 13ost & N Y Air Line 1st 4s_ _1
7812
D 75% 7578 7212
1944i
55 FA
28
9512 96
Bruns W lst gu gold 4s_ _ _1938 J J 9514 -- 9514 Sept'26
1 10112 10512 Buffalo R & P gen gold 5s_ _1937 M S 10338 _ _ 10314 Aug'26
32
9378 9938
Consol 4348
91ag 25
M N 91% Sale 9034
1957 61
54
9214 98/
88
90 8714 Feb'26
Registered
1
4
44 10334 1063s Burl C R & Nor 1st 5s
10012
101
1003
8
Sept'26
A
0
1934
48 10334 10612
1 10112 10412 Canada Sou cons gu A 5s_ _ _ _1962 A 0 10414 10454 10414 10414
5
22 102 104/
3
9438
1
4 Canadian Nat 454s_Sept 15 1954 M S 9414 9438 9438
8 103 10914
5-year gold 4345.. Feb 15 1930 F A 98% Sale 9834
9834 10
45
Canadian North deb S f 711_ _1940 J D 11454 Sale 11438 11434 21
8434 90
57
9412 100
6
20-year s f deb 6448
19463 J 11712 Sale 11712 11738
21
8914 9412
13
10-yr gold 4448_ _ __Feb 15 1935 F A 97 Sale 9678
97
8 8914 95 Canadian
84% Sale 83%
Par Ry 4;{4 deb stock_ J
854 118
279
411812 945
Carb & Shaw 1st gold 48_ _ _ _1932 M S
9414 July'26
61
9212 2934 Caro Cent 1st cons g 48
8
_ _ 8458
8458
1949 J D 84%
317
86% 9414 Caro Clinch & 01st 3-yr 58.1938
J D 10212 10312 10254 Sept'26
141 101% 105%
2
1st & con g 6s series A__ _ _1952 J D 10754 108 107% 10754
28
10
94 10014 Cart & Ad lst gu g 48
8714 8818 8712
88
10
961g 100
Cent Branch P 1st g 4s
D
D 82% 8354 8238 Sept'26
19
94
88
1
190 10314 10612 Central of Ga lst gold 5s_...p1945 F A
10512 106 Sept'26
52 11718 119
Consol gold 58
itais Sale 10358 10378 66
72
927s 10214
100 102 101% Feb'26
Registered
14
84
10-year secured 6sJune 19
8914
92
49
5 51
J
M 13
1
9 102% Sale 10238 10212 14
51
9534 9934
10438
Ref & gen 534s series B _ _1959 A 0 104% Sale 104
6
40
9615 101
8714 8712 Sept'26
Chatt Div pur money g 48.1951 J D 86
46
84/
1027s Sept'26
1
4 100
Mac & Nor Div 1st g 5s_ _1946 J J 102%
29
10212
1013 Mar'26 _
9312 102
102 Mobile Division 5s
81
9934 1007g Cent New Eng 1st gu
7614 Bale 7614
7634 17
19
_ _ _1
961
46 :1
609
-- 994 May'26
881s 9434 Central Ohio reorg 4448_ _ _ _1930 M S 9812
22 U331
994 Sept'26
/
4 901, Central RR of Ga coil g 58_ _1937 M N 9912 100
217
9235 983s Central of N J gen gold 58_ _.19873 J 11058 Sale 11058 Inas 14
94
85
94
Registered
10932
1987 Q J 109% Sale 10938
1
76
95
aciste
CentRP
eg
lsrted
98
ref gu g 4s_ _ _1949 F A 91 Sale 9034
91
46
12
8115 8912
90 Sept'26
F A
18
8112 89
Mtge guar gold 340
974 Sept'26
839295 D 9714
30
31
Through St L 1st gu 4s_ _1954 A
874 -8854
- 88 July'26
2834 40
Guaranteed g 58
1960 F A 10012 Sale 10014
100/
1
4 67
101h 103h
10035 102
8415 8634
8234 86
923g 98
757g 8212
8912 94
8814 9114
8434 88%
8714 87%
844 89
834 85
84% 8978
8412 8978
834 8734
9834 100
8612 8934
92
88
:
8478 991
10312 1031
:
9654 9812
1021s 10484
92
105
9314
904
76
65
7814
10018
14-7g
107
9838
94%
82%
76
83
102
8914 9212
8838 9012
94
98/
1
4
1
4
8835 95/
9312 9834
10215 105
10212 10334
104 109
893s 9235
98 102
7434 81/
1
4
970 9812
61
6214
9575
93
94. 94
80
82
897g 91/
1
4
727s 7912
9314 9514
101h 10334
8712 92
87h 87/
1
4
10014 10135
102h 10512
9314 9534
9814 9912
114% 11714
11678 118%
9612 9814
80% 8612
94
944
8112 WS
101% 103%
107 10912
8134 90
7912 84%
103% 106
10212 104%
101% 101%
10215 1037s
101% 10614
8614 88%
100 1034
1013g 1013s
68
76/
1
4
1
4
98/
1
4 99/
9835 10134
,113
1083
10835 1111
/
4
8875 9134
90
90
9654 9712
87
90
9712 102
1744
BONDS
N.Y.STOCK EXCHANGE
Week Ended 0'. 1.
r,
•New York Bond Record-Continued---Page 2
Price
Friday,
Oct. 1
Week's
Range or
Last Sate
4
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 1.
13
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
High No.
Ask Low
Bid
High
High No Low
Bid
Ask Low
11812 11812 Day & Mich 1st cons 4148_1931 J J 977s_ 9778 June'20
11738 118. 11812 Aug'26
6
9212
2 10014 10134 Del & Hudson 1st & ref 4s___1943 M N 924 -92,2 9212
1014 Sale 101 ,2 10134
1935 A 0 119 Sale 11712 11912 126
30-year cony 55
4 10238 10518
10312 10334 10338 103%
21
1937 M N 10434 Sale 10338 105
15-year 5135
10114 10314
10214 Aug'26
3
108
1930 J D 108 Sale 108
10-year secured 75
97
92
9538 Sale 9512
9614 47
_ 95 Apr'26
1936 F A 94%
1 !,338 9:42 D RR & Bdge 1st gu 45 g
9338
9338
897
39
9772 99% Den & R G-Ist cons g 4s 1938 J J 8972 Sale 8914
99
99
99 Sale 9858
937
39
1936.3 J 9314 Sale 9314
Consol gold 4345
124 153
153 Aug'26
9918
7
9914 99
Improvement gold 5s_.,19281 D 99
129 14312
13912 July'28
7114 330
1001g 10214 Den & R G West gen 5s_Aug 1955 MN 6912 Sale 68
10012 Sept'26
ioors
32
41
39
Sept'26
Des
M
&
Ft
D
1st
gu
45_
__
_1935
J
J
88
83
8618
Aug'26
83
3612 44
40 Aug'26 -Temporary ctfs of deposit
8812 88 8714 Sept'26
8534 884
_ 9634 Aug'26 8278 8712 DesPlaines Val let 434s_ _ -1947 M N
844 8634 86 Sept'26
7178 75
9824 102
71 June'26 G
lien g 45..1995 J D 93%Deto&id
9912 10114 102 July'28
68
1995.3 D 65
65 Sept'26 45
7112
4
65
6912
6812 70 6912
95
2
95
Detroit River Tunnel 41451961 MN 9434 98
70
1
64
6912
70
6912
68
Dul Missabe & Nor gen 5s 1941 J J 10338 -- -- 10434 Sept'26 -- 5138 61
46
61
61 Sale 60
1937 A 0 102 Sale 102
10218 35
5912
51
5912 Dul & Iron Range 1st 55
4
5912 Sale 5912
1937 J J 8112 Sale 814
85
9
Dul Sou Shore d. Atl g 5s
1
8578
8334 87
85% 88% 8578
8412 8434
8412 Feb'26
91 Sept'26
9138 9412 East Ry Minn Nor Div let 48.'48 A 0 9034 93
92% Sale 92%
9314 46
101
13
9634 100,4 East T Va & Ga Div g 55-1930 J J 101 Sale 101
9958 Sale 99% 100
1956 M N 105% Sale 10578 10614 17
Cons 1st gold 58
9912 9912
9912 Mar'26
5
904 9312 Elgin Joliet & East 1st g 513_1941 M N 10114 104 10134 Sept'26
9214
9114 923a 9214
1965 A 0 105'2--- 10412 Sept'26
914 9234 El Paso & S W let 55
9238 Mar'26
107%
8
10538 10534 10514 10578 19 102% 1064 Erie 1st consol gold 75 ext_1930 M S 10718 107% 107
19961 J 7912 Sale 79%
37
1st cons g 45 prior
80
10338 10712
105 10712 10512 Sept'26
1997 J J
Registered
7112 Dec'25
7318 7934
51
78
774 Sale 7712
1996 J J 7112 Sale 7118
let consol gen lien g 4s
71% 121
2 101% 10618
105
105 Sale 105
1996.3 J
684 Sept'26
Registered
6418 7078
694 205
6832 Sale 6834
Penn coll trust gold 45_1951 F A 974 9734 9712
9712
series A 1953 A 0 7534 Sale 7514
cony 45 se
75% 17
rc
50-year
11078 11314
11314 Aug'26
Chic Ind & Louise-Ref 68_1947 J J 11338
1953 A 0 7514 Sale 7512
Series
7534 20
101 10334
1024 Sept'26
1947.3 J 10278
Refunding gold 55
1951 A 0 8212 Sale 82
Gen cony 45 series D
268
83
7938 9038
_ 9038 Sept'26
1947 J J
Refunding 45 Series C
1958 J .1 11034 Sale 11034 111
6
Erle & Jersey 1st s f 6s
92
9934
9934 10
984 99,2 9918
1960 M N 904General 55 A
3
11012
Genesee River 1st s f 55_ _19571.1 J 110 Sale 110
10314 10834
May 19661 J 10614 1064 10612 Sept'26
General fis B
1940 J J 8814 91
_
89 June'26
Erie & Pitts gu g 3348 B
8312 92
9012 Aug'26
Chic Ind & Sou 50-year 4s_ .1956.3 J 8912 92
19404 J 8814 91
8818 Sept'26
Series C 3145
964
95
8
,<L; s_ ___1969 J 13 964 -- 96% '9638
Chic L S & East 1st 4'
19541M N 87 Sale 87
88% 166
47
5434 Est RR extl s f 78
5412 13
C M & Puget Sd 1st gu 4s___1949 1 .1 534 Sale 5312
4578 543s
5414 15
53
5434 52%
U 8 Tr certifs of deposit__________
Fla Cent & Penn lat ext g 58.1930 J J 10012
99% Apr'26
8312 84
814 87
83 Sale 8214
eh M & St P gent 48 Ser A.e1989
19431 J 10078
10078 100%
1
Consol gold 58
81
81
Registered
@ I 8118 8178 81 Sept'26
J
D
I.0_1959
9818
98 Sept'26
Florida
East
Coast
1st
4
7312
7014
743
4
Aug'26
--_
7312
B__e1989
J
J
General gold 3545 ser
1974M S 9838 Sale 9734
let & ref 5s series A
9918 79
9214 39
9038 95
Gen 4 Sie Series C_ -.May 1989.3 J 9218 Sale 92
6
60
9114 Fonda Johns & Gloy 4 %4s._ -1952!M N 5938 Sale 59%
9114 Apr'26
91
Registered
9214 9514 9014 Dec'25
4
1941 J
4814 56,4 Fort St U D Co lat g 45413
Gen & ref series A 4 y4s_ _a2014 A 0 5538 Sale 55 ' 5538
_ 10834 10634
1961 J D 10034
474 5534 Ft War Den C 1st g 5 s
5534 195
- 5538 Sale 5412
Guar Tr certifs of deposit_
5424 137
5414
984 9714 Sept'26
4712 5514 Ft Worth & Rio Or 1st g 45._1928 J .1 97
_-5438 55
Genre? cony ser B 5a__ _ _82014 FA
1933 A 0 10714 108 10812 July'26
47
564 From Elk 8. Mo Val 1st 65
5412 136
Guar Tr certlfs of deposit....... 5412 Sale 54
10314 11 102 106
10238 10314 103
1934
1st see 64
1932J D 55 Sale 5438
47
5534 GH&SAM&Plet 5s-1931MN 10012 10034 10012 Sept'26 -50
55
Debenture 4 Via
1931.3 J 99% 10018 10012 Sept'26
__
2d extens 55 guar
5414 82
5412 Sale 5414
4634 554
Bankers Tr certifs of deposit
6
9612 964
9612
1925 Ili 55 Sale 5414
454 5512 Galy Hoes & Hood let 5s_ -1933 A 0 96
50
55
Debenture 45
974
9712
1
9712 98
Ga
&
58.-81945
Ala
Ry
1st
cons
5414
55
55
Sale
ctfs
dep.
_
4678 5512
97
of
U S Mtge & Tr
9934 100 100 Sept'26
19341-.-1 5434 Sale 5412
4712 5514 Ga Caro & Nor 1st gu g 58-1929 J
55
51
36-year debenture 45
9
7218
1946 A 0 7218 7234 72
554 Georgia Midland 1st 35
55
55 Sale 5418
47
35
Farm L & Tr ctfs of dep_
_ 97 Sept'26.9912 June'26
-1
19261-,
9812 9978 Or R4k Iext Istgug4.0_1941 J .1 95
Chic & Mo Riv Div 5s
29
743s 7812 Grand Trunk of Can deb 75.1940 A 0 11434 Sale 11412 115
7718 22
Chic & N'west gen g 3%s_ _1987 M N -76i4 771-2 7634
1936 M S 10638 Sale 10612 10634
7
15-year s f 6s
7412 July'28
Q F
7412 7412
Registered
11338 158
&us
1987 M N 8618 Sale 8612
8538 8912 Great Nor gen 7s series A__ _1936 J J 11314 Sale 113
2
General 48
11318 Apr'26
J J
Registered
Q F
87 Aug'26
Registered
8614 87
9538 39
1st & ref 434B series A____196I J J 9512 963i 9512
_ 8814
854 8914
4
8814
Mod 45 non-p Fed in tax '87 M N 8814
14
195
73
2 J .1
3 107 Sale 1054 107
General 5,_s series B
Gen 4411 stpd Fed ii.c tax_1987 MN 10138 Sale 10158 101% 12 10114 10214
21
10014 101 10034 101
General 55 series C
1987 M N 10512 107 10512 10512
2 103 1084
Ge eral 55 stamped
91% 39
1976.3 .1 9114 Sale 91
General 4 Sis eerie" D
_ 10112 1054
10312 Sept'26
1879-1929 A 0 103
Sinking fund 65
3
85
85
_
1 10234 10334 Green Bay & West deb ctfs A_--- Feb
10234
A 0 10234 ---- 10234
Registered
22 .11
22
223
-4 22
Feb 84Debentures Ws B
102% Aug'26
1879-1929 A 0 101
10012 1034
Sinking fund 58
9114 July'26 _ _ _
_
Greenbrier Ry let gu 45--1940 M N 91
101
1879-1929 A 0 10114 1027f- 101
1 10012 10
Registered
2
104
104
10034 Se90'28
1933 M N
100 10178 Gulf Mob & Nor let 5,45- _1950 A 0
Sinking fund deb 55
10678 1067s
1
10114 Aug'26
MN
10114 1014 Gulf& S I 1st ref & t g 5s_ -81952 J J ioais
Registered
1930.3 D 1:15iT4 Sale 10718 10714 35 10634 10818
10-year secured 75 g
954
954
3
J 95% 96
112
3 11114 11412 Hocking Val let cons g 4;45_ 1999 3 .1
15-year secured 6Sis g_1936 M S 112 Sale 112
90 May'26
_
Registered
8
May 2037.3 13 10112 10234 10112 10218
9938 10414
let & ref g 5s
9712 Sept'26
_
Housatonic Ry cons g 58-1937 MN -9714 98
88
86% 13
85
Chic RI Jr P-Railway gen 451988 1 j 864 Sale 8614
10214
Sept'26
_
H
&
guar
1937
J
J
1013
T
lot
.,
j
4
C
1st
g
83
3
4
Aug'26
-83
7
8
8734
8334 854
Registered
1930MN 10134 ---- 10134 Mar'26
Waco & N W 1st fis
6712 92
163
91
1934 A 0 9078 Sale 9012
Refunding gold 48
- 983 Sept'26
894 Aug'26
A 0
8814 9012 Houston Belt & Term let 5s,.1937 J J 984
Registered'
2
Houston E & W Tex 1st g 55_1933 M N 10018
- 10018 100%
10018 Aug'26
1933 1111 N 10018
1st guar 55 red
8878
9
8634 90
Ch St L & N 0Mem Div 45_1951 J D 8878 90 8878
964 51
Hud & Manhat 5s series A 1957 F A 96 Sale 96
101 102
C St L & P 1st eons g 551---1932 A 0 101 10212 101 Aug'26
97 Apr'26
F A
Registered
10278 10412
Chic St P M & 0 cons els___1930 J D 10314 Sale 10314 10314
8112 62
Adjustment income 58____1957 A 0 8114 Sale 81
944 Sept'26
9418 95
Cons 65 reduced to 350-1930 J D 9334
101
Sept'26
i;i
3
;
99
99
1930
M
S
9814
Debenture Si
9912 10018 99 Aug'26
9812 10014 Illinois Centralist gold 4s___1951 J J 9334 ---- 94 Aug'26
Stamped
93 Mar'26
19511 J
Registered
65
92
91
77
Chic T H & So East 1st 58_ _1960 J D 9034 Sale 90%
91 Sept'26
1951 J J 864
_
1st gold 3 Sis
8318 18
Dec 1 1960 M S 8238 8314 83
7638 8534
Inc gu 55
8234 Jan'25
_
J J
Registered
3
9712
944 98
Chic Un Sta'n 1st gu 4 Ms A.1963 J J 9618 9678 97
87
84
87
334s___1951
A
0
Sept'26
_
Extended
1st
gold
30
10414
10434
Sale
1043
4
101
105%
1963
J
J
series
B
let ds
71
Feb'26 -let gold 35 sterling
1951 M 8 6734
6 100 103
1944.3 D 10018 1004 0018 10038
Guaranteed 6 55
9014 12
Collateral trust gold 48_1952 A 0 9014 Sale 9014
2 11578 11914
1963.3 J 11738 11834 11738 11738
1st 6 te3 series C
A0
ugly 10612
_- 8034 Noy'25
Registered
10534 Sept'26
Chic & West Ind gen g 65_ _p1932 Q M 10538
9212
let refunding 45
1955 M N 9214 Sale 92%
8
8538 25
1952.3 J 8512 Sale 8512
81
874
Consol 50-year 48
1952.3 J 82 Sale 82
1
82
41 10012 105
Purchased lines 3Its
1962M S 10338 Sale 1034 104
1st ref 5'..s ser A
_ 10312 10312 13 102% 104
J J
8412 July'25 ____
Registered
1952 M N 10312
Choc Okla & Gulf cons 5s
CoR
lle
agte
isrte
alretr
dust gold 4s__ _1953 M N 8712 Sale 874
8732 11
98
9834
1937 .1 J 974 -gig 9834 Sept'26
Cin H & D 2d gold 4 io,..
MN
8234 Dec'25
9312 Aug'26
9412
93
0I St L & C lst g 4s___Aug 1936 Q F 8518 1955 MN 105 1-0(1 10512 Sept'26
Refunding 55
9314 July'26
_
Aug 1936 Q F Eaps
Registered
9314 9314
1934
J
J
10218
Sale
15-year
0134
10278 22
secured
Ste
91
91
91
Sale
1942
M
N
8912
91
4s
g
Nor
gu
Leb
&
Clin
15-year secured 6%s g.--1936 J .1 112 11218 112% Sept'26
100 10112
Oln 8& CI cons 1s8 g 55.; 1928 J J 10012 _ _ _ _ 10012 10012
19501 D 90
9278 9278 July'26 _
Cairo Bridge gold 48
7618 Sept'26
Litchfield Div 1st gold 35_1951 J J
6
8778
8734
85
Cleve Cin Ch & St L gen 444_1993 J D 8612 8712 8712
81
83 824 Aug'26
Loulsv Div & Term g 3As-1953 J
974 99%
9834 Sept'26
1931 1 J 984
20-year deb 4',5
J .1
8118 Aug'26
102 Aug'26
Registered
102 1044
1993.3 13 1024
General 5s Series B
741z July'26
Omaha Div 1st gold 38_ ___1951 F A 743g 75
28 10134 1034
I929 J J 10234 Sale 10234 103
Ref & taint 6a series A
_1
J J 74% 75
5 105 108
7334 Sept'26
StLo
Golu
d
is3i
Div
Ola & Term g 35951
1941.3 J 10712 Sale 10712 10712
_
is series C
19513 J 8334 84% 8378 Sept'26
5
1963.3 J 1014 Sale 1014 10134
9934 10334
543 series D
84 Sept'26 _
Springfield Div let g 3545.1951 J J 83%
9312
91
Cairo Div 1st gold 48_ _ _ _ 1939 J J 9134 9314 9212 Sept'26
Western
n Ilnes
Lines 1st g 45_ _ _1951 F A 9014 ---- 904 July'26 ____
8134 854
On W & M Div 1st g 411_1991 J J 844 854 8432 Sept'26
1951 F A ____
864 Sept'26
84 Aug'25 -8212 874
St L DIY lat eoll tr g g 48-1990 MN 86
90 -9212 8314 Feb'26
M N
8314 8314 III Central & Chic St L & N 0Registered
J
GooR
in
ldetgslitered
9118 July 26
t ref 55 series A_ _ A963 J D 10114 Sale 0114 10134 28
914
89
Spr d. Col Div 1st g 45-_1940 M S
1951 J D 10414 10512 0414 Sept'26
8112 May'26
9012
8112 90
W W Val Div 1st g 4s_ _1940 J J
J D
10418 Sept'26
0214 Apr'26
10418 10734
_
C C C & 1 gen cons g 65_ _ _1934 J a 104 _
1951 J D
Gold
0114
Sept'26
10118
_
334s
A
0
58__1933
10
4
1023
4
1st
g
con
7512 Feb'26
Clev Lor & W
A
9138
30 1
sxt 4s.11940
91
elsettlgst4e
J 9938 __ 9938 Sept'26
994 994 21,ndd
91
1
Cleve & Mahon Val g 55_ .1938J_
90% 9114 91 Sept'26
loo6rmIo4wWa
4 9638 Mar'26
1935 M N 98 -9939633 9638
CI & Mar 1st gu g 4,Iis
nd
d&
19
96
55
6 J J 84 Sale 84
unLo
4sA_ :1
iod
uiR
svyilg
leco
leS
tsgeuer
994 Aug'26
9918 994 Li
84
2
Cleve & P gen gu 4y4s ser B_1942 A 0
100
10112 Mar'26
10112 101,2
1942.3 J 9678 _
10212 Aug'26 -Ser A 4 ICs
1965J
J
10114
Gen
86
8518
10312
&
series
B
ref
55
Aug'26
874
834
86
M
N
10212
1948
Sept'26
Series C 345
8438 Sept'26
8438 854 Int & Grt Nor 1st 6s ser A_ _1952J J 1044 Sale 10412 106
1950 F A 844
18
Series D 3144
2
Adituasm
tmpe
- 10012 10112
en
dt 65 series A-.1952 Aprl 8034 Sale 8014
9734 10112
8034 36
Cleve Sher Line 1st gu 4;48_1961 A 0 984 -9978
Aprl
7
78
107
Stamped
107
107
Sale
79
1054
1083
s
0
803 Aug'26 - -1972 A
Cleve Union Tenn 55,48
2 10034 10434 Int Rys Cent Amer 1st 5.4_1972 M N 7672 77
77
1973 A 0 10312 Sale 10312 10312
7714 17
let s f 544 ser B
1941 M N 95
884 July'26
let coil tr 6% notes
9514 95
86% 8832
25
Coal River Ry 1st gu 45_1945 1 D 8812 90
98
20
9812
99
9814 9912 Iowa Central 1st gold 55.-1938 J D 584 59
58
Colorado & South let g 4s 1929 F A 98,2 99
28
60
5818 59
Certificates of deposit......
9512 12
9538 974
5834 Sept'26
Refunding & exten 4Sie 1935 M N 9533 954 9538
1951
17
Refunding gold 4s
19
874 9212
20 Sept'26
1948A 0 8714 9212 9() Ahg'26
Col & H V 1st ext g 45
Certificates of deposit
8718 90
15 Aug'26
1955 F A 8912 90 8918 Aug'26
Col & Tol 1st ext 45
8534 Sept'26
8534 James Frank & Clear Ist 45_1959J D 8918 1114 8914 Sept'26
88
81
Conn & Paasum Ely 1t 4s.,1943 A 0 85
7512 9234
9234 ---- 924 Aug'26
Canso! Ry deb 4s
1930 F
1938.3 J 10212
KaA&GRIstgug 513
73 Sept'26
6512 73
101
1964.3 J 73
Apr'26 -Non-cony 45
1990 A 0 8334 ___ 84 Sept'26
Kan & M let gu g 4s
70 Sept'26
70
70
Registered
J D
1927 J J 99% 10014 100 Aug'26
2d 20-year 59
731g Sept'26
75
6511 75
Non-cony debenture 45._.1955J J 73
1928 IVI N 101% 102 102
IC C Ft S& M cons g 65
7318 Sept'26
6512 74
76
Non-oonv d .b.purp 4i_19513 J .1 73
102
5
9538 17
8834 9612 K C Ft S & M Ry ref g 48_1936 A 0 9134 Sale 9134
914 73
Cuba RR lat 50-year be g___1952 J J 9538 Sale 9.5
3 105 110
KC &MR&B let gu 55. _19291A 0 10014 101 10178 July'26
9912 10834 10834
1936.3 D 99
_
lat ref 7i4s
Kansas City Sou 1st gold 38_19501A 0 7234 Site 7234
98 100
73
19361 D 95 Sale 9912 Sept'26
5
Ist lien & ref 65 ser B
Apr 1950.3 J 9714 Sale 974
Ref & Impt 5s
9818 16
9214 9834
9712 81
Cuba Northern Ry let 68_1966 J J 98 Sale 9712
Charleston & Savannah 55..1936.3 J
Ches & Ohio fund & impt t8_1929 J J
1939 M N
let consol gold 55 '
1939 M N
Registered
1992 M S
Gen ral gold 45.0
1992 M S
Registered
20-year cony 4148
1930 F A
30-year cony secured 58_1946 A 0
A0
Registered
1946 J J
Craig Valley let g 55
Potts Creek Branch let 48.1948 J ..1
1989 J J
R & A Div let eon g 48
1989 .1 J
2d consol gold 45
Warm Springs V let g 59_1941 M S
Chic & Alton RR ref g 3s_ _ _1949 A 0
Ctf dep stpd Apr 1926 int_
Railway first lien 344s. _ _ _1950 :;1--J
Cite dep Jan '23 & sub coup
Chic Burl & Q-411 Div 3X 11_1949 J J
.1 J
Registered .
1949.3 .1
Illinois Division 45
1927 M N
Nebraska Extension 43
M N
Registered
1958 M S
General 48
M S
Registered
1971 F A
Ist & ref 5s series A
Chicago & East III 1st (is_ _1934 A 0
C & Ill Ry (new co) gen 58.._1951 MN
1982 M N
Chic & Erie 1st gold 55
Chicago Great West let 48._1959 M S
e Due Jas. b Due Feb. e Due May. o Due Oct. p Due Dec. s Option sale.
Range
Since
Jan, 1
Low
HUM
97% 9842
9058 95
10818 122%
10278 10511
107 11012
9414 95
85% 91
89
95
9512 100
62
7314
39
47%
39
47
9612 9644
70
72
65
85
94% 9812
10312 10434
10112 10312
8112 9012
91
9112
100% 10134
100% 10634
10118 10472
102% 10412
10534 10812
7412 8034
64
1234
9632 984g
6714 77
8714 77
104 111
16
0
74
3:
511 162
10
581
1
2
86
12
8
88
111 8
899
9
98 100
9814 102
9582 9812
97 10012
5832 6472
jai" 107
96
98%
107 108%
974 10112
10018 101
9312 99
96 100
100 10012
721g
63
9332 9774
1131g 11612
10674 108
10934 11412
11214 113%
9112 9712
102% 108
9714 10244
91
9572
78
86
1312 22
8832 9114
101 106
10312 107%
91% 97112
90
90
9512 994
100 10244
10134 10144
9612 100
10018 10112
100 10112
9212 99
97
97
7514 83%
9114 971*
93
93
834 91
83's 81
71
71
8812 92
"kik
8158 8512
85
WI;
jai Rig;
10184 104
1114 113%
90% 92%
7814
74
8034 83
78% 8212
734 74%
73% 7442
8118 8714
8212 85
8934 9012
9912 10312
10314 10512
10214 10214
7812 7812
9211 9234
8934 92
7938 8412
10048 104
10078 10312
103 1061e
66
83
694 80%
7614 81
95
98
574 6544
58
65
1644 23%
15
15
88% 914
101 101
83
87
99% 10114
1004 103%
8918 93
9844 1024
7211 76
93% 99%
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 1
t3
t
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
14a
Range
Since
Jan. 1
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 1.
1745
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
„
550
Rano
Bina
Jaw, 1
High No. Low
Bid
Ask Law
High
High No, Low
Bid
Ask Low
Htyli
1960 J J 87 Stile 8634
58
Kattsas City Term let 45
87
85
8834 N Y Central & Hudson RiverKentucky Central gold 45 1987 J J 8611 884 9861:
Mortgage 3 -4s
11 Sept'26
86
91
19975 .1 80 Sale 7912
37
80
764 81/
1
4
Kentucky & Ind Term 4/,5 1961 J J 8212 8412
Aug'26
Registered
81
9112
1997 J J 77/
1
4 7958 78 Sept'26 --7658 80/
1
4
1961 J J 8711 88
361 9414 964
Debenture gold 4s
Stamped
8534 8812
8812 Sept'26
1934 M N 9558 Sale 9558
96
3 100 103
Lake Erie & West 1st g 55...1937 .1 .1 1011
Registered
1011
/
4 1011
/
4
/
4
M N 9458
9454 Sept•26 ---9418 9434
1941 J .1 99/
2d gold 58
'
258
6
t9
1
4 994 9
9838 101
30-year.debenture 45
7
,
93548 ep2
94
1942.1 J 94 Sale 93
6
924 97
4
1997 .1 D 7918 79/
Lake Shore gold 345
Registered
78/
1
4 82
93 Feb 25
_
1
4
6
1997 .1 13
Registered
7712
7712
78
Lake Shore colt gold 348.1998 F A 774 Sale 77
3
77
80
7538 80
41
1928 M 5 9838 99
Debenture gold 45
9838
Registered
984
99
9912
7734 June'26
1998 F A ____ 79
76
73 •
9712 16
1931 M N 9712 Sale 97
Mich Cent colt gold 3315._1998 F A 7912 80
25-year gold 48
9614 9734
78
84
79511
7958 13
Registered
1931 M N
Registered
96 Dec'25
1998 F A 781
7534 Sept'26 ---77
80
5
55-1954
F
A
Lab Val Harbor Term
1154 10412 104
104
9412
2
102 104-52 N Y Chic & St L ist g 4s_ _1937 A 0 9413
8-954 9412
924 95
Loh via N y let gu g 4316_1940 J .1 97/
9
98
Registered
1
4 Sale 97/
1
4
1
4
90
94.1 July'26 -1937 A 0 93/
92
99
941s
7
/
4 -962 96 Sept'26 ____
Lehigh Val (Pa) cons g 4s2003 M N 8412 Sale 85
8518
8258 6712
25-year debenture 45
1931 M N 961
931/ 9714
Registered
M N
804 May'26
2d 6s series A BC
80
1931 MN 10212 103 103
10358 24 10218 105
83
General cons 445
2003 M N 94/
9434 15
Refunding 5 /55 series A _1974 A 0 10312 Sale 10234 104
984 1002
1
4 95
94/
1
4
60
92
99
Lehigh Val RR gen 55 series.2003 M N 102 10312 10234 10438
4 10034 10534
Refunding 5 5 series B ..1975 J J 10318 Sale 102/
1
4 103/
1
4 54
9814 105
N y connect 1st gu 4 -,i3 A1953 F A 9478 95' 9114 Sept'26 _--Leh V Term Sty 1st gu g 531_1941 A 0 102 105 102 Aug'26
102 104
92
96/
1
4
Leh & N Y Ist guar gold 4s...1945 MS 89
90
8934 Sept'26
1st guar 55 series 13
1953 F A
102 10112 10112
85
2
1 18
90/
1
4
090:
11 19
04
1
50-yr
5s
5 10512 110
Lex & East 1st
gu....1965 A 0 106 1074 1073g
10738
____
91
N Y & Erie 1st ext gold 45_1947 M N
91
Little Miami 4a
1952 M N 86
88
8512 Apr'26
84/
1933 M S 98
98 Sept'26 ---1
4 .8712
3d en gold 4 4s
98
98
42h ext gold 58
Long Dock consol g 624
1935 A 0 109 11012 10938 June'26
1930 A 0 1001
_ 100/
109 10934
1
4 Mar 26 ---- 1004 100/
1
4
10 10018 101
Long Isld 1st con gold 5sh 1 1931 Q .1 100/
1
4 __ 101
101
1925 .1 D 9814
5th ext gold 48
8-9012 99 Mar'26
9838 99
1st consol gold 4s___JLI 1931 Q J 9612 ____ 9712 Aug'26
9412 9712 N Y & Greenw L gu g 5s_ __ _1946 M N 9918 994 9914 A,
9
r9
2
,
18
9
29414 9
294
988
General gold 48
794
7914
.1
D
Aug'26
1938
911/ ____ 92
NY & Harlem gold 3 4s_2000 NI N
9058 93
Gold 45
1932 .1 D 9414 ____ 97 July'26
97
97
Unified gold 4s
1949 M 5 8812 Sale 8812
884
843s 9158 N Y Lack & W Ist & ref 58_ _1973 MN
80 July.2
2
Debenture gold So
1934 .1 D 994 9912 9912
9912
First & ref 4 A
1973 M N MT 72:101 June'26
97/
1
4 9934
9938 102
20-year p m deb 58
1937 M N 9612 974 9714 Sept'26
1930 M S 10538._._ 10618 June•26 ---- 10615 10514
94 100
N Y L E & W 1st 7s ext
Guar refunding gold 4s. 1949 M S 87
8712 87
1932 F A 10012 101 10012 10012
8712 16
1 10038 10112
85
9038 NY & Jersey 1st 58
Nor sh B 1st con g gu 58_01932
Q J 10014 101 100 Sept'26
9958 10034 N Y & Long Branch gen g 431941 M 5 9058 92
99 Mar'26 ---90
90
1
Louisiana & Ark 1st g 55_1927 M 5 10012 101 10014 10014
N Y & N E Bost Term 48_ _1939 A 0 914
_ 88 July'26 ---99/
1
4 101
88 .88
1
Lou & Jeff Bdge Co gii g 48_.1945 M 5 8834 90 8834
8834
75/
1
4
3
865s 9012 NYNH&Hn-cdeb4s___1947M S 73 Sale 73
704 7772
Louisville & Nashville 55_ _1937 M N 10318 104 10338 Sept'26
Registered
M S
10212 10534
77
60 June'25
Unified gold 4s
1
4
1940.1 .1 95 Sale 94/
9514 11
Non-cony debenture 33.48.1947 M S 6758 73
70 Aug'26 9314 95/
-6212 ---76
1
4
1 100/
Collateral trust gold 58
1931 M N 100/
1
4 Sale 10038 10038
Non-cony debenture 3548.1954 A 0 6512 68 68
68
1
4 104
1
6134 68
4 10514 108
10-year secured 7s
1930 M N 10614 Sale 10614 10614
741
/
4 73 Sept•26 ---Non-cony debenture 45._ _1955 J J 74
6634 75/
1
4
4 10538 11014
1st refund 5.s series A..2003 A 0 10711 108 l067a
1081s
Non-cony debenture 4s___1958 M N
1st & ref 55 series Li
1
4 10578 10434 10434
2003 A 0 104/
Salie
e 6
75
3113
2
6
75
412 3
10
5
Cony debenture 3348
1958
10314 10814
6
75
412 Sa
6
67
1% 75
4
9 96 10014 Cony debenture 68
1st & ref 4 /is series C-- _ _2003 A 0 971 98
981
98kg
114
_
1948 J .1 10312 Sale 10318 10358 __
972
96 4 10
004
434
N 0& M 1st gold es
1930J J 1034 107 10414 Sept'26
Registered
J J
10034 Sept'26
104 107
4 103/
2d gold 65
1930 J J 10312 10412 10334 10334
Collateral trust 65
1940 A 0 150 Sale 994
1
4 104
10014 88
9611 101
Paducah dr Mem Div 411_ .1946 F A 92
9278 92 Sept'26
Debenture 45
1957 M N 6734 Sale 6734
613/
1
4
7
2
8
504
8
7
80
9%
9138 9212
3
St Louis Div 2d gold 38_1980 M S 67
68 6712
6712
Harlem R & Pt Ches 1st 48 1954 M N 89's 934
6512 68
4
Mob & Montg lat g 4 8_1945 M 5
9838 Aug'26
9834 9958 N Y & Northern 1st g 55... _1927 A 0 10014 10034 10014 Aug'26 ---- 100 10031
4
8612 8712 8638
South Sty joint Monon 45.1952 J J 98485/
1
4
74
5
NY 0& W ref Ist g 4s_June 1992 M S 734 Sale 734
8518 89
6734 76
5
92
Atl Knoxv & Chi Div 4s 1955 M N 9118 94
9111
General 48
70
10
19553 D 674 6858 684
6212 71
904 9312
1
Lousy Cln & Lex Div g 4393'32 MN 9938 91112 994
9914
NY Providence & Boston 48 1942 A 0
9914 100
Mahon Coal RR 1st 513
___ 10134 Mar'26
1934.1 J 102
5
7: May'26
A
laPr:1
10134 10134 N Y & Putnam 1st con gu 48 1991 A 0 86
7's -895
-8 8:
86
.-8
-6
-1-8 -_8712
6412
7
Manila RR (South Lines) 4/1 _1939 M N 6412 Sale 6418
1927 M S 100
6012 67
____ 10.1 J1113/26
100 1004
NY &R1.1 1st gold 5.5
2
1st 48
7114
7114
1959 M N 7114 72
87/
1
4
87/
1
4
5
7738 8978
624 764 NY Sus0 & West 1st ref 5E3.1937 J J 8758 88
Manitoba Colonization 6e
1934 .1 D 100 1004 100 Sept'26
2d gold 4 45
100 101
70 Aug'26 ---1937 F A
71 18 75
64
73
Man G 13 & N W 1st 3.-.13.1941 1 J 831885 Apr'26
General gold 65
85
1940 F A
7014 Sale 7014
71114
85
4
63
7412
Mich Cent Det & Bay City 58.'31 M S 101 1:01-7-8 101
101
Terminal 1st gold 5.5
100/
1943 M N
1
4 102
742 9
28
9/
1
4
8
99
Registered
101 June'26
M S
9958 101
n1 julg36
N Y Welles dr 13 1st ser I 448'461J J 7834 Sale 4
Mich Air Line 48
1940.1 J 9312 ---- 9558 July'26
92/
1
4 9558
J L & 5 Ist gold 3548
1951 M 5 8334 ___ 79 Mar'26
1950IA 0 8312 8414 84
79
8518 46
803s Nord Ry ext'l s f 6 55
7714 8514
1st gold 3 s
1952 M N 844 85 844 Sept'26
83
88
33
774 90
8512 Norfolk South 1st dr ref A 55.1961 F A 88 Sale 864
20-year debenture 48
1
4 9812
1929 A 0 9812 98/
98/
1
4 13
Norfolk & South 1st gold 58.1941 M N 9914 Sale 9918
9914
10
98 101
93/
1
4 98
Mid of NJ Ist ext 55
944
1940 A 0 9412 Sale 941z
Norfolk & W St gen gold 68_1931 M N 10518 108 10714
108
15 10534 108
9012 96
3 10018 10158
34111w L 5 & West imp a 58_1929 F A 10014 10114 10014 10014
Improvement & ext 65-1934 F A 10818 10834 10912 May'26
10
94 110
MII & Nor 1st ext 4'
,56(blue)1934 .1 D 94
964 9411 Dec'25
107 July'26 ---- 107 1073s
New River 1st gold
1932 A 0 10674
Cons ext 4. s (brown)_1934 J D 94
95
9512 Sept'26
/
4 Sale 9134
91,8 22
N & W Ry 1st cons g 48_ _1996 A 0 911
-654 913-3-4
9014 9334
Mil Spark NW 1st gu 45._ _1947 M S 9034 Sale 9034
4
91/
1
4
Registered
911
/
4 May'26
1996 A 0
89
93
89
9212
Milw dr State I. 1st gu 348_1941 J J
8138 Dec'25
Div'l 1st lien & gen g 45-1944 J 1 934 Sale 9314
9074 944
9312 23
10 yr oo V. 6
1929 M
16414 Sale 16414
16414
4 138 NB
Minn dr St Louis 1st 78
Nov'25
_--100
103
1927 .1 D
Pocah C & C joint 4s
1941 J D 9214 9314 9214
9214
6
91
93
1st consol gold 55
5912 58 Aug'26
1934 M N 58
North Cent gen & ref Ss A1974 M
57
1041s_ _ 10412 Aug'26
10038 10452
5
Temp ctfs of deposit
M N 58 Sale 5912 Sept'25
North Ohio 1st guar g 55.-__1945 A 0 9334 11414 95
95
56
1
88
9714
633
4
1St & refunding gold 4s_ __1949 M S 19 Sale 20
2018 18
North Pacific prior lien 45___1997 Q
18
8914 Sale 8918
8912 61
861s 91
23
Ref & ext 50-yr 5s ser A_ _1962 Q F 14
15
1414 Sept'26
Registered
88 Sept'26 _--1238 1614
1997 Q
86
88
let guar g 78
Sept'25
99
102
102
1927 J D
General lien gold 38
6514 Sale 653,
651, 32 6134 66
02047 Q
8814 10
MStP&SSMcong 4sintgu'38.1 J 8714 Sale 8714
Registered
I
63
63
85/
1
4
02047 Q
60
6312
14
98
1st eons 55
9712 9934
1938,1 J 9758 Sale 9712
Ref.4 Impt 4 118 series A__2047 J
914 Sale 9212
9212
9
87
95/
1
4
Ist cons 58 gu as to Int....1938J ./ 9712 9778 9734 Sept'26
Registered
112/
1
4 Apr'25
J
9754 9934
41 10214 106
103
10-year roll trust 631s
11114 Sale Ill
1931 M 5 102 10218 10214
Ref & ImPt 6s series B__2047 J
1114 43
4 11114
13
10112
luu1
/
4
102
10218
1st & ref 68 series A
1946 J J
Registered
11014 Mar'26
J
10038 10358
11014 1104
25-year 535.3
1949 M 8 8912 9034 90 Sept'26
102
11
9814 104
Ref & impt 58 series C ___2047 J
102 tizile- 102
88
5
8
9712
1st Chicago Terms f 454_1941 M N 9318
- 93 Mar'26
Ref & impt 5s series D___2047 J
93
10118 Sale 111118
102
93
3
9814 1034
MIssissiPPI Central 1st 5s_ 1949 J J 954 16 9512 Aug'26
Nor Pac Term Co 1st g 6s_..5933 .1
93
10934 ____ 1094 July'26 ---- 10934 1094
96
9
8618
1.10 Kan dr Tex-let gold 48.1990 .1 D 8512 8612 86
j
A 0 1024 ____ 10434 May'26
8458 8734 Nor of Calif guar g
1(1138 10514
M04(-T RR-Pr 15s ser A..1962 .1 J 10058 Bale 11,058 10.114 33
North Wisconsin 1st
10215 ____ 10212 Sept'26 ---- 1024 1034
65
9614 103
559
1193308
1
8.08
8412 Sale 8412
40-year 45 series B
1962 .1 J
8012 864
22 10212
10-year 68 series C
1932 .1 J 10'214 103 10212 103
80
3
73
82
794
10414 Og & L Cham 1st go 45 2.-1948 J J 7878 80
Cum adjust 58 ser A Jan_1967 A 0 934 Sale 9334
944 257
_
9012 9534 Ohio Connecting Ry 1st 48_1943 MS 9214 ---- 9334 Dec'25
Missouri Pacific (reorg Co)
Ohio River RR 1st g513
S D 10114 ____ 101 18 Sept'26 ---- 10012 102-1
1936
/
4
97/
1
4 42
1st dr refunding 58 ser A..1965 F A 9712 Sale 9712
General gold 58
s,
0
1(
2
08 JunI,
02
111:
8914
,0
042 1_668..
e
,
'2,6
8-1937 A0 10
1 10118
90 18
75 10134 100
106
1st & refunding 65 ser D..1949 F A 10514 Sale 105
Oregon dr Cal let guar g 5s_1927 J J
1st dr refund 6s ser E int_1955 M N 10512 Sale 10514 10534 79 10134 107
9178 Sept'26 ---10714 Oregon RR & Nay eon g 48.1946 J. D 9178 92
894 924
7314 178
General 48
1975 M S 7234 Sale 7238
65
10534
Ore Shore Line 1st cons g 55_1946 S i 10518 10534 10512
2 10414 108
7412
1
9238
Mo Pac 3d 78 ext at 4%....._1938,M N 9238 93
9238
Guar cons 58
88
93
1054 10612 108 Sept'26 ---- 10518 108
1946 J
981s
177
Guar refunding 45
1929 S D 98 Sale 9758
98/
1
4 9812
99 Sept'25
Mob dr BR prior lien g 5s___194515 J
084513
t.20
4
Oregon-Wash 1st & ref 4s_ 1981 • J 853
93 4 Sale
o
83
913
is
4 88
98
8514 833-4 86 Sept'26
Mortgage gold 48
1945 J .1 100187934 9Ola Pacific Coast Co 1st g 5s_ _ _1946 SD
Sept'26
8334 7834 Sept'26
Small
1945 J J 79
Pac RR of Mo 1st wit/ g 48...1938 FA 934 9334 9314
7834 87
934
2
914 94
Mobile & Ohio new gold 68_1927 J D 10158 Sale 10138
4 100
10178
2d extended gold 5s
/
1
4 10358
101 14 ____ 10114 Sept'26 ---- 100 10144
1938 J
1st extended gold 138 _1. I 1927 Q / 102 103 10118 Aug'26
10012 10614 Paducah & Ills 1st s 1 4 48_1955 55 97/
1
4
98 Sept 26 ---96/
1
4 9814
9212 Sept'26
General gold 413
1938 M 5 924
734 62
8034 129
Paris-Lyons-Med
90
7958 Sale 7911
RR
FA
6s..__1958
9212
1
4 ibi 9938 Sept'26
Montgomery Div let g 55 1947 FA 98/
Sinking
fund
98
/
1
4
953
8 Sale 9314
MS
9112 155
external
75_1955
101
82
93
St Louis Division 58
100
5
1927 JD 9934 100 100
8912 83
9912 10012 Paris-Orleans RR 8 1 75
8818 S.4Ie 8818
1 10,
1954 M
8258 10
90
334
90 89
Mob dr Mar 1st gu gold 45 1991 MS 89
5
89
87
Paulin&
9858
102
10312
103
103
Railway
MS
78
1942
ort C 1st gu g 68
1937 J J 11118 11214 11112 Aug'26
/
4
__ 93/
10958 1124 Pennsylvania RR cons g4s.._1943 MN 921
1
4 Aug 26 ---9314 941
/
4
1st guar gold 58
1937 J .1 10214 104 10214 July'26
10112 10278
Consol gold 45
1
4 15
94
94
8
9l4 9934
1948 MN 93/
Morris & Essex 1st gu 3.(8-2000 J D 7812 7912 784
1
7812
7734 8158
4s sterl stud dollar_May 1 1948 MN 94 Sale 94
94
5
9114 9814
1
4 0075
101
Nashv Chatt & St L 1st 58_1928 A 0 10012 100/
15
10012 1015s
Consolidated 44s
1011
/
4
1960 FA 10034 Sale 10034
5
9738 10134
N Fla & S 1st gu g 5s
19371 F A 10318 10312 10318 Aug'26
General 4'.s series A._ _ _1985 S D 9712 Sale 9714
10134 10318
9734 65
9414 994
30 Sept'25
Nat Sty of Mex pr lien 448_1957 J .1
General 55 series 13
1965 S D 10434 Sale 10412 10434 58 102/
1
4 106/
1
4
July 1914 coupon on
19 Apr'25
10-year secured 78
10712 79 106/
1
4 11188s
1930 A0 10738 Sale 10738
Assent cash war ret No 3 on --- - l8'z 59l2 18
1812 10 -18"
15-year secured 6 48
811 11138 11312
1936 FA 112 Sale 11158 112
Guar 70-year s f 45
8712 Aug'25
1977 A 0
Registored
112 June'26 ---- 112 112/
FA
1
4
234 Sept'26
April 1914 coupon off
A 0
234 2318
40-year gold 58
10112 96
9838 102/
1
4
1964 MN i15111i4 Sale- 10058
Assent cash war ret No 3 on ---- 21 1312 23
23
1734 27
Pa Co go 3',is coil tr A reg. _1937 M.5
8612 00'25
3812 July'25 _
Nat RR Mex prior lien 4 45_1926 J J
Guar 33.4s coil trust ser 11.11141 FA 85
86 July'26 --___-Bi- 86
23 June'26
July 1914 coupon on
.I• J
23
Guarl'is trust etre C._ _1942 S D 8412 ____ 8418 Aug'26 ---23
84
841
/
4
Assent cash war ret No 3 on..... 2914 3011 31134 Sept'26
284 354
Guar 3 /is trust etre D.___1944 S D 84
___ 83/
1
4 June'26 ---82
8358
28
Apr'25
1st coma)! 48
1951 Tii
I5-25
Guar
Sept'26
---.
974
973
8
9712
9614
AO
-year
971e
gold
4s___1931
1812
June'26
April 1914 coupon on
A 0
1813 21.
Guar 45 series E
864 89/
1
4
1952 MN 8812 8914 8812 Sept'26
2 1712 17 Sept'26
Assent cash war ret No 3 on.....
13
2058
84
84
Peoria
&
84
3
4
---Eastern
83
/
1
4
79
/
1
4
8712
1st
cons
4s_1940
A
0
/
4 101 10018 July'26
1945.1 .1 971
New England cons 58
9514 wou Income 48
40
5
35
1990 Apr. 3914 404 39'2
42
8614 Sept'26
Consol 48
1945.1 .1 8618 _
81
87
Peoria & Pekin Un 1st 5 46.1974 A 0 1014 Sale 101 12 101 12 50 10014 104
N J June RR guar 1st 48_.
._1988 F A
__ 8438 Sept'26
10212
84
Sale
10234
/
1
4
4 10118 10412
Pere
10212
Marquette
5.5.1956
J
1
8514
let
ser
A
95/
1
4 97
9614 Sept'26
N 0& N E ler refdrimp 4 48 A'52 .1 -I 849234 97%
86
Sale
88/
1
4
8634
1st 45 series B
9
a
15585 J
85/
1
4 88/
1
4
86
86
New Orleans Term 1st 48_ .1953 J J 8558 86
5
84
1
4
93/
1
4
1
87/
9338 9434
1
4 Phila Bait & Wash 1st g 4s...1943 M N 9318 9418 93/
10
N 0 Texas & Mex n-c Inc 58_1935 A 0 9934 Sale 9934 100
General 58 series 15
9614 10034
1974 F A 105 10858 11838 Sept'26 ---- 1061s 1114
let 55 series B
1954 A 0 9058 Sale 4/912
11978 75
96 10078 Philippine
424 30
J 4114 4178 4112
4012 45
1st 54s series A
1954 A 0 105 Sale 10434 105
19 10218 10512 Pine CreekRy 1st 39-yr 8148 1937 J1 D
___ 0514 Mar•25
1061
registered 68____1932
95 July'26
N & C Bdge gen guar 4 1(8_1945 J J 9412 96
9918 Sept'26
944 9634 PCC&StLgu4.isA
8 99
1940A 0 9678N Y B & M 13 1st con g 58-1935 A 0 10034 10114 10034 June'26
9934 102
Series II 43.4s guar
99
1
1942 A 0 99
96% 994
1
4 107 • 1074
NY Cent RR cony deb 65.-1935 M N 1074 107/
5 10438 109
13_4_1!.. 998912 Aug'26
Series C 43.4s guar
1942 MN
97/
1
4 98/
1
4
10612 May'26
Registered
M N
9358
Series D 4s guar
10612 10612
98
93
5
1945,
9312
98
Consol 45 series A
1998 F A 88l 8838 8818
8812 21
9434 -___ 944 Aug'26 ____
/
1
4
Series
F
A
92
E
3
1
gold...1949
.
4s
guar
853
4
9014
9438
Ref & impt 445 • A".- 2013 A 0 9314 963s 9612
9714 23
9214 974
1
4 ____ 9518 Aug'26
Series F 4s guar gold
1953 J D 93/
9178 95/
1
4
Ref &Impt 58 series C.- 2013 A 0 103 Sale 103
10334 87 10118 10534
Series G 48 guar
95/
1
4 Aug'26 ---1957 M N 9412
93
9938
Registered
A 0 •
10314 Aug'26
10318 10378
a Due Jan. 4 Due April.
y Due Dec. s Opt on sale.
1746
BONDS
N. Y. STOCK EXCHANGE
Week Eneded Oct. 1.
L11
New York Bond Record-Continued -Page 4
.13
Oa. 1
Price
Friday,
Bid
Pitts Cln Chic & St L (Concluded)
1960 FA
Series H 45
Series I cons guar 4748__ _ _1963 FA
1964 MN
Series J 4%8
General M 58 series A_ _ _1970 JD
Gen mtge 58 series B
1975 AO
81928 AO
Pitts & L Erie 2d g 5s
.1
Pitts McK & Y 1st gu 6s,__1932
1940 AO
Pitts Sh de L E 1st g 5s
J
1943
1st consol gold 55
'1943 MN
Pitts Va dr Char lst 48
Pitts Y & Ash lst C0118 5s_ _1927 MN
1948 JD
1st gen 48 series A
1962 FA
1st gen 58 series B
Providence Secur deb 48_ _ _1957 MN
1956 MS
Providence Term 1st 4s
Range
Since
Jan, 1
Week's
Range or
Last Sale
Ask Low
High No, Low
9418
974 Sept'26
94% ____ 9818 Aug'26
9618 9712 98 Sept'26
2
10134 10214 10212 103
10238 Sale 10214
10314 15
1007 100 Aug'28
10538 106 106 .1ug'25
10134 _ _ 10134 Sept'25
1003s ____ 10134 June'26 -9114 Mey'25
92
10018 ____ 100 Apr'26
9112 Mar'26
9238
10218 10412 1027 Sept'26
6812 Aug'26 - - _
8458 Aug'26
-
High
9714 9714
9514 9818
98
96
100 104%
9913 104%
100 101
10oi8 1-6314
10134 10134
9984 100
9112
91
10212 1043s
62% 68%
8318 84%
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 1.
„,,
Prize
Friday,
Oct. 1
Range
Sines
Jan. 1
Week's
Range Of
Last sale
High No,
Ask Low
Bid
5
U N J RR & Can gen 4s__1944
--1-2 99527182 Dee:26
4 -96
78
43
95
9
.• 1
1933
Sept
Utah.& Nor 1st ext 45
Vandalla cons g 48 series A 1955 FA 901s ---. 9012 Aug'26
1957 MN 904 ____ 9034 July'26 --Consol 48 series 13
20 Sept'25
Vera Cruz & P 1st gu4 74s__ _1934 3,
J J 25
26
24 Apr'26 -July 1914 coupon on
1934
26 Aug'26 -Assenting 1st 4%s
1
1931.1, 10058 ____ 101
101
Virginia Mid 5s series F
1936 MN 10238
10235 Sept'26 -General Es
'
Va & Southw'n 1st gu 55_ _2003 13 101 10112 103 Aug'26 --1958
9312 96 Sept'213 -92
1st cons 56-year 55
10134 50
Virginian 1st 5s series A....1962 MN 10112 Sale 10114
10
103
1939 MN 103 Sale 1027
Wabash 1st gold 58
' 1939 FA 10118 1015s 10158 1015s
2d gold 58
3
1975 ▪ B 10234 Sale 10234 10312 59
Ref 8 f 534s series A
9314 Feb'25 -Debenture B 68 registered-1939 MS 5114 _
8414 8412 Aug'26 --1st lien 50-yr g term 48_ _ _1954 J J 84
Bet & Chi ext lets 58---1941 3,1 10212 __-_ 102% July'26 -3 8814 8938 8835 Sept'26 -'
Des Moines Div 1st g 48..1939
1941 AO 8214 8234 8314 Sept'26 -Om Div lst g 3348
1941 MS 89% ---_ 90 Aur'26 --Tol & Ch Div g 413
8012 Sept'26 - Warren 1st ref su g 374s._ 2000 FA
1948 QM 85
87 8535 Sept'26 -Wash Cent 1st gold 43
1945 FA 8518 86 854
Wash Term Mt gu 3748
8518
1945 FA 9112.... 84
1
84
1st 40-year guar 48
9518 99
9534 ___- 99 July'26 _ _
447 2vlay'25
9113 Sale 914
914
-55- 95
971
16
941 98%
9778 Sale 9734
____ 10012 Sept'26
100
9934 10012
80
7912 80
78 July'26
78
10112 ____ 10112 Sept'26 -- -- 10013 10234
9512 10114
100
1
10018 10012 100
514 7
514
514
1 • 514 7
9835 98 Anal° -W MM W & NW 1st gu 58_1930 FA 98
_
6 May'25
7414 30
9034 Sale 9034
9034 16
861s 9284 West Maryland 1st g 48... _ _1952 AG 7334 Sam 7335
I 10212 Sale 10214 10214
'
4
17
83
West N Y & Pa 1st g 58-1937
74% 85
825s Sale 8258
873
1943 A0 8738 Sale 8735
3
Gen gold 48
9412 Sale 9334
9412 117
94%
89
Apr 1 1943 Nov
-___ 45 Feb'25 -Income g 58
7912 81
8012 Sept 26
75% 83%
9912 29
92
Western Pac 1st ser A 58-.1946 MS 9938 Sale 9935
19 Sale 91
91
87
1946 MS 10258 106 10258 10235
1
1st gold 68 series B
85% 8458 Sept 26 - _
7814 85
85
857
14
9713 9912 West Shore 1st 4s guar
99
2361• J 8512 85% 8514
9
9914
994
2361 13
102 106 101 Sept 25
Registered
% Sept4218
69438
6 ---6
9612 Wheeling & L E 1st g Ss.._1926 AO -5578 1-66- 9
9614 9534 Sept 26 - - _
95
95
Wheeling Div 1st gold 58_1928 3' 99 101 100 July'26 -10014 Sale 10014
10012 48 100 101
1930 FA 9912 10018 9912 Sept'26 -Ext'n & Rapt gold 55
_ 10038 Sept 26
10014 100%
9614 9734
9014 18
9718 61
Refunding 4943 series A_ _1966 M S 9014 9058 8878
97 Sale 968
134 8
75
6 .
238
9
t1?
534 sepf3
71
712 8
72
1949 M S 8
93 Sept 25
RR 1st consol 48
94
92
92
9178 92
29
89
Wilk & East 1st gu g 5s_ _ _1942 ID
1938 II) 10212 ____ 1021 Apr'26 -100 101 100 Sept 26
9934 10012 Will & S F 1st gold 58
8212 214
77% 8412 Winston-Salem S B 1st 45.....1960 3, 8618 8712 8778 Sept'26 -8212 Sale 8218
6
83
84
Wis Cent 50-yr 1st gen 48_ _ _1949 3, 8234 Sale 8235
8314 June'26 - _
80
99%
98 Sale 98
9814 71
Sup & Dul div & term let 4s'36 MN 893 8934 8934 Sept'26
93
Wor & Con East 1st 434s_..1943 13 8314 ---- 86 June'26
1023s Sale 102
1025s 21 10138 103
10112 Sale 10118 1015
37
9914 10318
INDUSTRIALS
98 Sale 9714
149
98
9214 98
8812 12
8812 Sale 88%
8912 Sale 8914
96 1216
8458 9614 Adams Express coil tr g 45-1948 M
10412 Sale 104
10434 105 106
106,8
10434 16
7 101 10618 Ajax Rubber 1st 15-Yr 81 88.1936.1
313 4% 4%
1
1008s 10112 10058 Sept'26 10018 10112 Alaska Gold M deb 68 A_ _ .1925 M
4%
312 512 413 Feb'26
1926 M
1033s 10434 10338 Aug'26
10212 104
Cony deb 68 series B
90 Sale 8934
7
94% 97% Alpine-Montan Steel 7s. _ _1955
9418 ____ 96 July'26 _ _
9018
8934 90 103
1
1928 A
Am Agric Chemist Es
855 8638 8534
103
8418 88
8534 17
104 Sale 104
82
1941
79
10434 54
1st ref s f 7 148 g
79% 78 Aug'26 _ 75
93% 9412 93
10
9334 Sale 9314
94
Amer Beet Sug cony deb 631_1935
91% 95
94
10
10112 Sale 10114
8912 97% American Chain deb s f 68..1933 A
10112 .51
95 Sale 9412
95
15
9538 95 Sept'26
9114 Sale 905
924 Am Cot Oil debenture 58._ _1931 MN 95
86
9111 98
1936 3, 10514 --- 10513 July'26
1015s
10114 Sept'26 - 10114 1014 Am Dock & Impt gu 68
10314 103% 129 Sept'26
91
8912 ____ 8958
Amer Ice deb 78___July 15 1939
895
87
10
5
1939 -A--6 10312 Sale 10314 10314
9018 91
Am Mach & Fdy s f 68
Jan'26 _ _
9212 ---_ 91
2
9912
9534 9734 Am Republic Corp deb 68_1937 AO 9913 sale 9914
3
9534
9534
9534 97
Am Sm & R 151 30-yr 5s Per A '47 AO 10014 Sale 004 10034 57
9212 July'25
1947 AG 10834 Bale 0734 10834 23
1073s Sale 1071
1st M 135 series B
10738
5 joiis
108 Aug'26 - _ 107 108
Amer Sugar Ref 15-Y8 68-1937 J J 10414 Sale 0312 10412 188
Am Telep & Teleg coil tr 48_1929 J , 9818 Sale 97%
9918 102
9918
98% 88
9914
99 100
5
1
9934 92%
97% 99
92%
1936 MS 98
9713 Aug'26
Convertible 48
_
1
1933 MS
9812
95%
9412
9812
20-year cony 4348
9414 Sept'26
93
10234 60
1946 ID la" fiti.5)- 02
93 Sept'26 - _ _
30-year coll tr 58
9214 93
3D
03 June'26
8812 90 8918 Sept'26
894 90
__
Registered
1960 II io5i4 Sale 0012 10012 -180
104 Sale 104
104
4 10178 105%
35-Yr 11 f deb 58
1943 MN 105 Sale 0412 10538 107
20-year s f 5148
1940 AO 10114 Sale 014 10234 50
89
Am Type Found deb 6s
8814 10
84
El A & Ar Pass 1st gu g 48_ _ _ _1943 J J 8814 Sale 88
97% 40
AG 9512 9734 9712
10012 10234 Am Wat Wks & Elec
_
Santa Fe Pres & Filen 5s_ _ _ _1942 M S 102 ____ 10213 Sept'26
5
58
58
1939'3 5714 58
Am Writ Paper s f 7-68_
1934 A 0 10818 110 108 Sept'26
108 110
Say Fla & West 1st g 6s
41
57% Sale 5713
58
1934 A 0 102 10314 10134 Dec'25 Temp Interchangeable ars deP1st gold Ess
-kis IC
Scioto V & N E 1st SU g 48-1989 M N 8834 891 89 Sept'26 - _
1950 A 0 81
82
8112 Sept'26
7814 9534 Anaconda Cop Mia 181 68-1253 FA 103 Sale 102% 103% 192
Seaboard Air Line g 4s
1027 Sept'26
7814 82
1950 A 0 8014 81
801s
8058 16
Registered
Gold 45 stamped
1938 FA 10614 Sale 106 . 10634 iio
15-year cony deb 78
Oct 1949 F A 81 Sale 808s
87%
8114 158
Adjustment 58
76
1959 A 0 73% Sale 73
Andes Cop MM cony deb 78_1943 J J 10678 Sale 10513 • 10711 282
7312 16
Refunding 48
6914 78
971s 49
1945M S 9434 Sale 9414
9638 Anglo-Chilean Nitrate 731._ _1945 MN 96 Sale 96
91
115
95
1M & cons 68 series A
3
90
Antille(Comp (Azuc) 7%34. _1939 J J 8714 8934 '90
26
91
8812 94
Atl & Birm 30-yr 1st g 43_d1933 M S 913 Sale 908
99%
4
993
9918
9912
M
58_1964
A
F
Ark
4
94
Sale
8
943
&
9534
_1935
A
983
68
Ter
&
gu
9214
lst
Bridge
Fla
32
All
Mem
Seaboard
9112 127
99% 100% Armour & Co 1st real est 434539 ID 9012 Sale 9012
__
Seaboard & Roan 58 extd_ _1931 J J 100 10038 10012 Aug'26
9312 38
Armour & Co of Del 534s._.1943,13 9312 Sale 93%
101 102
So Car & Ge lst ext 5348„ _ _ _1929 MN 101 102 10138 Aug'26
1936F A 10212 10312 10214 Sept'26 _ _ _ 10214 10414 Associated 011614 gold notes 1935 MS 10238 Sale 102% 1034 16
13 dr N Ala cons gu g 58
1947 S D 100% -- 99% Mar'25
2 10534 108% Atlanta Gas L 1st 55
1064
Gen cons guar 50-yr 58_,_1963 A 0 10618 108 10618
1934 3D 1518 _ _ 15 Sept'26
8814 8778
8512 90% Atlantic Fruit 78 ctfs dep
11
8814
So Pac coil 48(Cent Pc coil) k49I.2 D 88
8438 8512
20% Jan'26
_ 21%
J D 82
88 85% May'26
__
Stamped ctf8 of deposit------Registered
7
69
June 1929 M S 984 Sale 9734
96% 98% Atl Gulf & WISS L col tr 5.9_1959 .1 J 67 Sale 67
9814 184
20-year cony 48
Sale
101
.2
100%
101
1937
1011i
loo
D
7
Atlantic
1934J
4
1023
100
deb
Refs
10014 100
58
20-year cony 5s
3
1944 M N ____ 100 10034 Aug'26
9934 101%
_
20-year gold 5s
7
Baldw Loco Works 1st 56-1940 MN 10378 10434 1044 104%
91
87
9014
San Fran Terml lst 4s_ _ _1950 A 0 9014 sale 9018
7
10414 10534 10414 Sept'26
86
IA 0
Baragua(Coup Az) 7%B.__ _1937 J
2
86
86
85
Registered
9734 Sale 9714
1940 J
9014 99
1937 M N 1.6258 1-64- 85 June'26
10058 10434 Barnsdall Corp deb 68
So Pac of Cal-Gu g 58
1
.▪ T 96
96% 98%
96%
9414 95
BeldIng-HemingwaY 68
1336
So Par Coast 1st gu g 4s_ __ _1937 J J 9412 _ - 95 Sept'26
1948 13 10178 Sale 101% 102% 14
Bell Telephone of Pa 58
93
92
19551 .2 9134 Sale 914
128
90
So Par RR ist ref 4s
1960 AO 10258 Sale 10212 10234 54
1st & ref 58 series C
11
Beth Steel 1st & ref 58 guar A '42 MN 9834 Sale 9814 100
15 104 108
Southem-1st cons g 58__1994 J J 10534 Sale 10534 106
23
3 9712 Sale 9678
98
'
30-yr p m& imp Sf
.1' D ____ _ __ _ 10612 June'26
10134 10612
Registered
241
Cons 30-year 68 series A._1948 FA 10034 Sale 10012 101
8434 193
8114 8618
Bevel de gem 4s series A _ _ _1956 A 0 84% Sale 9414
9714 69
Cons 30 year 5346 series B.1953 FA 9512 Sale 9478
1956 A 0 11112 Sale 10618
11134 11 10,18 11378
Develop & gen 68
9312 9313
5
9312
1950 MS 92
118
1956 A 0 1173 Sale 11714
67 112 11878 Bing & Bing deb 6148
Devel & gen 6 Sis
97
9712
AO
9712
Sept'26
_1926
68,
1
s
1053
.1
J
10534
Booth
1053
10612
44s-5s...1996
deb
4
1
Fisheries
10134
4
1064
Mem Div 1st g
8412 22
91
Botany Cons Mills 6%B....1934 A0 8412 Sale 84
19513 .1 897 91
91 Sept'26
86
St Louis Div 1st g 48
99% 101
101
Brier Hill Steel 1st 5355_. _.1942 AG 103% Sale 10318 10434 19
1
East Tenn reorg lien g 58_ _1938 M S 10014 103 101
7212 12
5712 93
9078
5
B'weY & 7th Av 1st Cs 58-1943 3D 7212 Sale 71
Mob & Ohio coil tr 4,8___ _1938 M S 9078 Sale 9078
69% 74 684
6518
3
CUB of dep strand June '26 int
8512 854 Sept'26
8734
81
Spokane Internet 1st g 55_ _ _1955.2 J 82
Sale
94
1941
9412
2
9412
10012
RR
City
Sept'26
Brooklyn
58_
10012
58
1st
Line
M
_e1930
---9913
9912
S
Short
Superior
977 Sept'26
9514 9812 Bklyn Edison Inc gen 58 A 1949 Ii 1051s Sale 10413 Wm/ 59
Term Assn of St L lst g 470_1939 A 0. 9818
3 1054 Sale 10512 106
'
1930
88
10238 10234
1944 F A 10214
8 101 106
General l% series B
1st cons gold 58
1968I' 96% Sale 9614
8712
1953 J J 8712 Sale 87
5
9634 48
8434 8712 Bklyn-Man R T sec 68
Gen refund s f g 48
1
6134
Texarkana & Ft 81st 5%8A 1950 F A 102 Sale 0134 10218 29 10158 1027s Bklyn Qu Co & Sub con gtd 5841 MN 7412 79 6134
6114
5,
1941
79
4
1313
1st
10014
9914
J
53
J
Sept'26
1943
9913
10214
Aug'26
98%
5s
gold
Tex & N 0con
8812 Aug'26
Texas de Par 1st gold 5s.._ _ _2000 J D 10512 Sale 0512 10534 11 103 10712 Brooklyn R Tr 1st cony g 48_2002 3,
13612 Nov'25
3-yr 7% secured notes_ _ _ -1921 31
19311 .1 10018 1005s 0018 1004
9934 101
5
La Div B L 1st g 58
12318 Mar'25
994 105
. Ctfs of deposit stamped -----4
Tex Pac-Mo Par Ter 5%8..1964 M S ____ 10218 0212 10213
1950 IA -55ig 9311 94 Sept'26
10114 15 10018 101% Bklyn Un El 1st g 4-58
Tol & Ohio Cent 1st gu 58-1935 J J 10114 Sale 0118
93
FA
9312
1950
93
13
10118
4-58
Sale
90
Stamped
Sept'26
0012
10012
1
guar
0
A
1935
93
58
g
1st
Div
Western
19353 D 10018 10114 0018 Sept'26
97% 10218 Bklyn Un Gas Ist COM g 5E1_1945 M N 101% 102% 02% 10234 12
General gold 58
1st lien & ref 68 series A 1947 M N 113% 11412 1335 Sept'26
23 June'26
J
37%
23
Toledo Peoria & West 4s_ _ _ _1917
I 159 Sale 56
'
1936
90
Cony deb 5545
2
9012 90
8714 905s
Tol St L & W 50-yr g 4s_ _ _ _1950 A 0 90
15914 204
1932 ID
Buff & /Mao Iron s f 58
91 June'26
98 Mar'26
97% 98
19313 J 99 100
To1WV&Ogu4248A
1952 AG 9014 Sale 904
2
Bush Terminal 1st 4s
_ 9658 Dec'25
9014
Series B 414s
19333 J 99
3 9413 Sale 9412
'
1955
15
90 Nov'25
Consol 58
96
Series C 48
1942 M-5 92% _
6
8912
7
89%
8718 9014 Bush Term Bldgs 58 gu tax-ex'
50 AG 100 Sale 99% 100
Tor Ham & Buff 1st g 4s__ _ _1946 J D
1997 J J
Reading Co gen gold 4s
J J
• Registered
Jersey Central coil g 4s_ _ -1951 A 0
Gen & ref 4248 series A_1997 J J
Elam & Danv deb 55 stmpd 1927 A 0
1948 MN
Rich de Meek 1st g 48
Richm Term Ry 1st gu 58_ _ _1952 J J
Rio Grande June 1st gu 5s_19393 D
Rio Grande Sou 1st gold 4s1940 J J
Guaranteed (Jan 1922 coup on) J J
Rio Grande West 1st gold 4s_1939 J .1
Mtge & coil trust 4.9 A _ _ _ _1949 A 0
R I Ark de Louis 1st 4%s__ _ _1934 M S
Rut-Canada 1st gu g 4s__1949 J J
1941 J J
Rutland 1st con g 4 Sis
St Jos & Gmnd Isl 1st g 43..1947 J .1
1996.1 .1
•St Lawr & Adis 1st g 58
1996 A 0
2d gold 68
1931 J .2
St L & Cairo guar g 4s
St L Ir Mt & S gen con g 58_1931 A 0
1931 A 0
Stamped guar 55
1929 J J
Unified & ref gold 48
J J
Registered
1933M N
Riv & G Div lst g 4s
St L M Bridge Ter gu g 58._ _1930 A 0
St L de San Fran (seers co)4s 1950J .1
3 .1
Registered
.1
1950
Prior lien series B 55
19283 .1
Prior lien series C 58
Prior lien 5s series D__ _1942 .1 .1
Cum adjust series A 6s_ _ _himp A 0
111960 Oct.
Income series A 1313
St Louis de San Fr Ry gen 6s_1931 J J
1931 J J
General gold 55
St L Peer & N W lst gu 5s_ _1948 J J
1931 M S
St Louis Sou 1st gu g 4s_
St L S W 1st g 48 bond ctfs_1989 MN
2d g 48 income bond ctfs_p1989 J J
1932 J 13
Consol gold 45
lst terminal & unifying 58_1952 .1 .1
St Paul & K C Sh L 1st 4348_1941 F A
1931Q F
St Paul & Duluth 1st 58
1968,1 D
1st consol gold 48
St Paul E Gr Trunk 4;421___ _1947 J .2
St Paul Minn & Man con 48_1933 J D
J D
Registered
1933.1 D
lst consol g 48
.7 .1
Registered
6s reduced to gold 434s_ _1933 J .1
1933 3 J
Registered
1937 J D
Mont ext 1st gold 45
J 13
Registered
Pacific ext guar 48 (sterling)'40 J J
St Paul Union Depot 5s____1972 J J
1928 ID
Ulster de Del 1st cones 58
1st refunding g 4s
1952 AO
Union Pacific 1st g 48
1947
Registered
J
20-year cony 48
1927
Registered
3,
e2008 MS
1st & refunding 48
let lien & ref 58
e2008 MS
10-year perm secured 68..1928ii
6718
6718
4058
4058
9378
9314
9214 Sept'26
9913
9914
9913 May'26
90%
9014 90
89
10611 Sale 0612 106%
102%
102 Sale 02
6812
67
40% Sale
9334 9414
91% 93
994 Sale
5
3
50
30
50
9
29
6012
36%
92%
8318
994
99
86
10614
102
80
48
9513
9334
100
9912
9034
10912
10334
Cal0& E Corp unit de ref 513_1937 MN
Cal Petroleum s f g 6145____1933 AO
Camaguey Bug 1st a f g 78_ _ _1942 A0
Canada SS Lines 1st coll s f 78'42 MN
Cent Dist Tel 1st 30-yr 55,-1943 3D
1931 P A
Cent Foundry 1st s f 6s
Cent Leather 1st lien s 1138.. _1945 J J
a Due Jan. d Due May. e Due June. h Due July. 1 Due Aug. p Due Nov. 5 Option sale.
101%
103% Sale
97% Sale
105 Sale
10212 Sale
9618 9814
102 Sale
0135 Sept'26
0334 10414
9712
9734
05
105
0212 10212
9618 Sept'26
0112 102
35
7
2
2
54
Low
High
-55f2
951
9013
88
8818 9034
24
24
22
33
101 101
101 102%
99% 103
9084 98
9934 10312
101 104
9812 101%
9811 105
84 -1(c12
101 102%
8414 90
7718 8314
90
87
81
80
86
84
83
88%
9138
83
96% 9858
6678 7538
10034 1021z
83% 88
-551s fdifir
10034 10613
83% 87
86
83
99% 101
100 10212
981% 99%
8078 9014
8938
81
6414 7434
102% 10212
8514 8814
80% 87
8612 90%
7614 8612
85
8834
10112 105
44 5
412
4
894 9111
10234 10414
10318 106
9012 10112
9814 102
9312 9714
105% 106%
118 13412
10014 104
98 10034
99 10134
106 10834
102 1051z
96% 9834
92
95%
9714 10212
10018 10311
10234 103
97% 102
102% 10634
1004 105
9534 9912
6114
42
4118 6138
10114 10412
102% 10272
10214 10734
9678 108
9514 10012
8412 9214
9418 9972
9014 9272
92
Ms
102 10312
15
28
2018 2018
67
7113
9934 10234
10214 10534
103 10618
9634 101
94% 100%
100% 10378
100 10378
9558 10218
93
9818
9518 101%
871s 97%
: 95
901
70
9713
8012 9514
101 105
71
7638
6818 73
934 9512
102% 10534
103% 1061s
9214 98
64%
61
79
72
8812 8813
-554 WI;
8812 9558
100% 10434
110 114
126 166
92
91
8734 9214
9814
90
9534 100
10014 10218
10338 10534
9012 997s
10118 105
10112 10312
9334 9934
100 10234
New York Bond Record-Continued-Page 5
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 1.
Z3
z
Central Steel 1st get 8s_ __ _1941 MN
Chic City & Conn Rys 5s-1927 A 0
Ch G L & Coke lat gu g 55_1937 J 3
Chicago Rys 1st 58
1927 F A
Chile Copper 6s ser A
1932 A 0
Cincin Gas & Elec 1st dr ref 5s'56 A 0
530 ser B due Jan 1
1961 A 0
Cities Serv Pow dc Let65_ 1944 MN
Clearfield Bit Coal 1st 415_1940 .1 J
Colo F & I Co gen e f 55_ _ 1943 F A
Col Indus let de coil 55 gu__ _1934 F A
Columbia G & E let 55
1927 J J
Stamped
1927 J J
Col dr 9th Av 1st gu g 55- --1993 M 13
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
High
Bid
Ask Low
121 Sale 12034
12114
5314
53 Sale 53
10178 103 10134 Sept'26
7814 Sale 77%
7812
10618 Sale 10538 10613
10214 Sale 10214
10214
10338 10414 10338 Sept'26
9538 Sale 9518
9534
78
82 May'26
9413 951 9538
9538
9112 Sale 89
9112
9978 10014 9978
9978
9978 1001 Ewe
100
Oct'25
10
Range
Since
Jan. 1
No, Low
High
12 11514 12318
2
4414 56
10112 103
123
6534 81
208 10538 10912
5 102 10312
10214 10512
167
9434 9712
82
821fi
9014 9534
35
8334 9112
1
9914 10114
10 100 101
Columbus Gas 1st gold 58_ _.19321 .1
Commercial Cable 1st g 4s2397 Q J
Commercial Credit $ f 65_ _1934 M N
Col tr s f 53.4% notes
1935 J J
Commonwealth Power 65._ _1947 M N
Computing-Tab-Rec s 1 68_1941 J J
Conn Ry & L lst& ref g 4yis 19511 J
Stamped guar 434s
1951 J J
Cons Coal of Md lst& ref 58_1950 J D
Consol Gas(NY)deb 5 34s...1945 F A
Cont Pap & Bag Mills6%s_ _1944 F A
Consumers Gas of Chic gu 58 1936.3 J
Consumers Power 1st 5.5
1952 M N
Copenhagen Telep ext 6s_ -1950 A 0
Corn Prod Refg 5 1 5s
1931 M N
in 25-year f bs
1934 M N
Crown Cork & Seal 1st 5 f 68_1943 F A
Crown-Willamette Pap 65 _1951 J .1
Cuba Cane Sugar cony 78_ _ _1930 .1 J
Cony deben stamped 8% _1930 J J
Cuban Am Sugar let coil 88_1931 M S
Cuban Dom Sug 1st 43.45-1944 M N
Cumb T T let dr gen 65_ _1937 J J
Cuyamel Fruit 1st 138 int et s' 40 A 0
99
991 9938 Sept'26
4
7934 803 80
80
15
9812 99
99
9812
1
93 Sale 93
93
10438 Sale 10438 10458 11
5
10434 Sale 10412 10434
93
93 Sept'26
3
93
9413 9334
95
207
8234 Sale 8212
83
39
105312 Sale 10538 1053
6
754 76
75
751
100%
_ - 101 Aug'26
34
100 Sale 100
101
1
9912 100
9913
991
10314 10334 9058 Aug'2
1
1031
10314
7
9312 Sale 9212
933
61
100 Sale 9912 100
9414 Sale 9414
9458 33
67
981 Sale 9714
99
2
108 Sale 108
108
9812 Sale 9712
9812 58
9
10178 Sale 10178 10238
2
954 Sale 9514
96
Davison Chemical deb 6345_1931
J
Deny City Tramw let con 5.5 1933 A 0
Den Gas& E L lst & ref s f g 55'51 MN
Stamped
M N
Dery Corp(D G) 1st s f 75..1942 M S
Detroit Edison 1st coil tr 58.10331 J
1st & ref 55 series A_July 1940 M S
Gen & ref Is series A
1949 A 0
1st & ref 65 series 13_ _July 1940 M S
Gen & ref 5e ser 13
1955.3 D
Det United 1st cons g 434s_.1032.3 J
Dodge Bros deb 6s
1941 M N
Dold (Jacob) Pack let 6s_ _ _1942 M N
Dominion Iron & Steel 58_1939 J J
Donner Steel 1st ref 78
1042.3 J
Duquesne Lt 1st dc coil Bs A949 J J
lst coil trust 53is series B_1949 J 3
93 Sale 93
9334 10
_ 9218 Aug'25
9638 9612 9612
9634 13
3
96I Sale 9612
9712
7734 78
7812 Sept'26
101 102 'Oi's
3
10114
8
10134 102 10114 102
10114 mu 101
2
101
10734 Sale 10734 10734 16
10158 Sale 10112 10138 64
1
'93 Sale 93
93
9512 Sue 95
9558 148
5
81
82
80
81
2
40 Sale 40
40
10
98 Sale 9712
98
10534 Sale 1054
10534 19
3
10434 10533 10434 10518
East Cuba Sug 15-yr sf g 734s'37 St S
Ed El II113kn let con g 45._ _1939 J J
Ed Elm Ill let cons g 5s._ 1995.3 J
Elec Pow corp(Germany)()34e'50 M £3
Elk Hom Coal 1st & ref 6%5.1931 J D
Deb 7% notes (with warr'ts'31 J D
Empire Gas & Fuel 734s_ _ _1937 M N
let & ref 634s(with warets)'41 A 0
Equip Gas Light let con Se_ _1932 M S
Federal Light & Tr 1st 58_ .A942 M S
1st I len 65 stamped
1942 M 8
30-year deb 68 ser B
1954 J 13
Federated Metals f 75
1939.3 D
Fisk Rubber 1st s 85
1941 M S
Ft Smith Lt & Tr let g 581936
_
M
Frameric Ind & Dev 20-yr 7%6'42 J J
Francisco Sugar let sf 7345_1942 MN
French Nat Mall SS Lines 75 1949 J D
10534 Sale 10512 10638 109
4
941
93
6
108
10634 1067
17
9412 Sale 9334
941
18
9913 10014 9613
991
9914 May'26
40
12 Sale 10318 1031
89
9612 Sale 9613
97
10014
_ _ 10014 Sept'26
46
95 Sale 94%
95
10213 Sale 102
102% 12
97
9812 9714 Sept'26
13
8714 8778 8714 . 88
11638 Sale 11534 11838 22
8
88
90' 8878
89
9334 Sale 9278
944 38
3
105 Sale 105
105
91
85 Sale 8414
85
Gas& El of Berg Co cons g 581949 J D
Gen Asphalt cony Se
1939 A 0
Gen Electric deb g 330_ _1942 F A
Gen Elee(Germany) 75Jan 15.'45 J J
S f deb 630 with war
19401 D
Without warr'ts attach'd '40 J D
Genl Petrol 1st f 58
1940 F A
Gen Refr let s f g 65 ser A_ _ _1952 F A
Good Hope Steel &I sec 7s _ _194 A 0
Goodrich (B F) Co 1st 6348_19474I J
Goodyear Tire & Rub let 88_1941 MN
10-years f deb g 88
d1931 F A
Gould Coupler 1st
6s_ _1940 F A
Granby Cons M S&P eon 68 A'28 M N
Stamped
1928 M N
Cony deb 78
1930 M N
Gt Cons El Power(Japan)75.1944 F A
Great Falls Power 1st s f 55_ _1940
N
10234
10234 Sept'26
11
107 Sale 10678 109
3
9114
9134
9134
131
10238 Sale 10214
103
11312 Sale 11012 1134 108
31
98
9778 Sale 9738
37
100
9934 Sale 9934
10113 102 10112 Sept'26
32
96 Sale 9534
96
1054 Sale 10434 10534 35
12012 32
12012 Sale 12018
11014 Sale 110
11014 33
37
9313 94
9212
97
100 101 10012 Sept'26
100
100 Sept'26
13034 Sale 129
13178 "iio
95 Sale 95
9538 54
10314 10434 10314 Sept'26
Hackensack Water 1st 4s_ _ _1952 J J
Hartford St Ry let 4s
1930 M S
Havana El Ry L & P gen Is A'54 M S
Havana Elec consol g 55.. _ _1952 F A
Hershey Choc Ist & coll 5%51940 J J
Hoe (Ft) & Co 1st6 As temp_1934 A 0
Holland-Amer Line 65(1lat).1947 MN
Hudson Co Gas lst g Ss_ _1940 M N
Humble 011 de Refining 5%5_1932 J
____ 8513 8534 Sept'26
90 Sale 90
90
10434 105 10434 1043
96
97
9612
9612
10138 Sale 10112 102
9778 Bale 97
98
8818 Sale 8534
884
10234 10312 10278 Sept'26
10134 Sale 10134 10218
Illinois Bell Telephone 58_1956 J D
Illinois Steel deb 41-68
1940 A 0
Ind Nat Gas & Oil 5s
1936 M N
Indiana Steel let 55
1952 M N
Ingersoll-Rand 1st 58
J J
Inland Steel deb 5346
1945 MN
Inspiration Con Copper 6 hs.1931 M S
Interboro Metrop coil 4%8_1956 A 0
Guaranty Tr Co ctfs del)
Ctf dep stpd asstd 16 74 sub _
Interboro Rap Tran let 58_ _1968
Stamped
10-year 88
1932 AO
10-year cony 7% notes__ A932 MS
Int Agric Corp 1st 20-yr 58_ _1932 MN
Stamped extended to 1942_
MN
Inter Mercan Marine St 6s.1041 AO
International Paper 55
1947• J
Ref s f 68 ser A
1955 MS
Int Telep & Teleg cony 5358 1946 MS
1024 Sale 10214
10234
974 Bale 9718
973s
9734 9812 gm
9738
103 Sale 103
103
100
_ _ -- 9034 Dee'25
10038 Sale 10012 10034
10034 Sale 10034 10112
Apr'25
1978 11
12
13 May'26
1012 May'25
7038 Sale 70
7134
6934 Sale 70
73
7413 Sale 744
76
9478 Sale 9438
9534
93
95 Sept'26
95
84
8778 8914 July'26
8914 Sale 884
89
9612 Sale 9812
97
9914 Sale 9914
100
10918 Sale 10918 1097s
Jurgens Works(is(flat price) _1947 J J
Kansas City Pow & Lt 55_.1952 MS
Kansas Gas & Electric 6s..._1952 MB
Kayser (Julius) &Co let s f 73'42 FA
Keith (B F) Corp 1st 65_ -1946 MS
Kelly-Spring'Tire8% notes 1932 MN
Keyston Telep Co 1st 5s___1936 J J
Kings County El & P g 5s_ _ -1937 AO
Purchase money 68
1997 AO
107 10734 10738 108
10212 Sale 10213 1033e
.10514 Sale 105
10538
101334 10712 10634 10634
97 Bale 97
97
105 Sale 10434
10514
91
9112
9112 91
103
103 Sept'26
12234 12378 123
123
d Due May. 3 09tlon sale.
1
2
35
11
34
35
38
32
1
2
19
130
192
285
52
94
213
48
88
125
60
61
16
1
5
25
8
1
99 10034
75
8134
98 10018
9213 9934
190004
23
14
2 1046
905113
3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Oct. 1.
Kings County Elec 1st g 45__1949 F A
Stamped guar 48
1949 F A
Kings County Lighting 5s
1954 J
First dr ref 6348
1954
.1
Kinney(GR)& Co 734% notes'363 13
Found'n
Kresge
coil ft 138_.19363 D
Lackawanna Steel let Is A._1950 PA S
Lac Gas L of St L ref&ext 58_1934 A 0
Coll & ref 5%8 series C__ _1953 F A
Lehigh C & Nav s f 4%s A 1954 J J
Lehigh Valley Coal 1st g 55_ _1933 J J
lst 40-yr gu int red to 4% _1933 J .1
let & rets15.5
1954 F A
Lex Ave & P F lst gu g 5s_ _1993 M
Liggett & Myers Tobacco 75_1944 A 0
Registered
A 0
5s
1951 F A
Registered
F A
Liquid Carbonic Corp 68_1941 F A
lard
,i6C
teored
rilRe
Lou
(P) 75
1944 A 0
A 0
1951 F A
Registered
F A
Louisville Gas & Electric 58_1952 MN
Louisville Ry 1st cons 5s_.19303 J
Lower Austrian Hydro-Elec Colet at 634s
1944 F A
90
95
78% 86
10414 10534
7378 82
9814 10234
9713 103
Manati Sugar 7'34s
99 101
1942 A 0
Manhat Ry(NY)eons g 45_1990 A 0
loole 1-6i32d 48
8
2013.3 D
Manila Elec Ry & Lt 51 58_1953 M
8234 95
Market St Ry 7s series A_ _ _1940 Q
99 100
88
Metr Ed let & ref g 68 ser B_1952 F A
96
92 100
let & ref 55 series C
1953 J J
10612 10913 Metropolitan Power 65
1953.3 D
9114 9914 Metr Wesr Side El(Chic)48_1938 F A
10014 10235 Mid-Cont Petrol 1st 6358-1940 M
9334 9782 Midvale Steel &0cony s f 581938 M
Milw Elec Ry&Lt ref&ext 4;413'31 .1
General dr ref Is A
1951
D
954
93
lst & ref 5s B
19613 D
-ii7 -988, 1st & ref g 68 series C _ _1953 M
9312 9812 Milwaukee Gas Light 1st 45_1927 M N
Montana Power 1st 5s A. _1943 J J
7734 91
10078 10378 Montreal Tmm 1st & ref 5s_ _1941 J .1
10038 108
Gen & ref s f 55 series A_ _1955 A 0
100 10438 Morris de Co let 51 4 Ms__ _ _1939 J .1
106 10834 Mortgage-Bond Co 48 ser 2_1966 A 0
10018 104
10-25-year 55 series 3
1932.3 .3
go
fa% Murray Body 1st 6 As
19343 D
39212 9734 Mutual Fuel Gas let gu g 511_1947 M N
6
34
934 6
82
334 Slut Un gtd bonds ext 4% _1941 MN
1747
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
Range
Since
Jan, 1
Bid
Ask Low
High No,
80
8014 7938 Sept'26 ---80
8012 89 Sept'26 -10018 101 10012 Aug'26 - 110 Bale 110
110
2
102 10212 102
10218 11
1008s Sale 1004 10078 48
9834 Sale 9818
9834 30
10014 Sale 10014 10038
3
10312 Sale 10338 10378 21
97
9778 9812 Sept'26
10118 1J)2 10118 10118 25
9412 95
9412 Sept'26 -9934 10114 9934 Sept'26 -4013 Feb'26
124 Bale 124
124
12
118
12013 May'26
101 Sale 10013 10114 16
9818
9918 Sept'26
9938 Sale 99
9912 35
11778 Sale 11778 118
115
11814 June'26
98% 99 9938
9913
4
9413 _
9614 Oct'25
9938 Sale 9938
9934
7
9418 95 96 Aug'26 -8534 Sale
8534
854
5
9878 Sale 9838
99
6514 Sale 65
6514
57
60
57
57
98 Sale 9614
98
9734 Sale 97
9734
10712 108 10715 1074
100 1001 100
100
1057
_ 10534 10534
7314
8-74
7314 Sept'26
10413 Sale 10418 10514
9638 Sale 9638
967s
98
9838 9838 Sept'26
9934 Sale 9913
9934
9734 Sale 9738
974
-- 105 Aug'26
9938 9912 9034
9932
10078 Sale Mole 101
974 Sale 93
9714
93 Sept'26
8412 86
86
863s
81
80
81 May 26
9634 9714 9634
9634
96 Sale 95
9612
101 10214 9618
961s
1014
100 Mar'26
15
22
1
5
72
8
1
2
9278 98
Nassau Elec guar gold 4s_ _ 1951
931 .1
J D
J 5978 Sale 5812
60
National Acme 734s
10434 107
10014 101 100
10018
10434 10638 Nat Dairy Prod 6% notes_.A940 M N 9918 Sale 99
994
Nat Enam & Stamps let 58.1929.3 D 101
101 Sept'26
103 10838 Nat Starch 20-year deb 58_ -1930 J .1 101 Sale 101
101
93
9978 National Tube 1st 58
1952 M N 10318 104 10318 1033s
103 10838
Registered
MN
10214 Sept'26
Newark C012801 GOB 55
8578 95
1948 J
ioi fOil 10313 Sept'26
9818 100
New England Tel de Tel 10..1952.3 D 1011$ 1013 101
10214
9914 9914
let g 434s series B w 1- - _1961 MN 9334 Sale 9312
9378
10112 104
NY Air Brake let cony 65-1928 M N 10214 Bale 10214 10214
New Orl Pub Serv let Ss A1952 A 0 9434 Sale 9338
9612 98
95
9913 10034
First dr ref 53 series B_ _ _ _1955 J D 9514 Sale 9412
9514
9212 9778 NY Dock 50-year 1st g 4s_1951 F A 8338 Sale 8318
8334
100 10438 N Y Edison 1st & ref 6 355 A_ 19
94
44
1 A 0 11518 Sale 11518
11558
97i4
93
First lien & ref 5513
10253 Sale 10238 10238
NY Gas El Lt & Pow g 58_.19481 D 10578 Sale 10578 106
8412 98
Purchase money gold 45..1949 F A 914 92
11312 11634
9114
911s
7514 8') NYLE&WC&RR 5348_1942 MN 101
101 July'26
88
9518 NYLE&W Dock & Imp 551943 J
10112 Sept'26
104. 1074 NY & Q El L & P 1st g 58-1930 F A ioif, Sale 10134 10134
79
864 NY Rye let RE dr ref 4s_ _ .1942.3 J 60
- 55 Apr'26
Certificates of deposit
62 6134 Sept'26
so
10038 10234
30-year adj inc Is._ _ _Jan 1942 A 0
4
6
5 July'26
102 110
Certificates of deposit
4
10
5 Aug'26
87
92
N Y Rys Corp Inc Os__ Jan 1965
26 Sale 2538
2634
Prior lien (te series A
95 104
19853 J 83
8378 8318
8318
9914 11812 NY & Richm Gas let Os__ _1951 M N 10212
- 10214 10214
97
9814 NY State Rys let cons 4348-1962 MN 5334 Sale 53%
5334
ugh 19112
let cone 634s series B
1962 MN
0934 69
6934
1001 10314 NY Steam 1st 25-yr 65 ser A.1947 M N jais Sale 10318 10312
92
97
N Y Telep 1st & gen s f 4348_1939 MN 9814 Sale 9734
9838
104 107
30-year deben s f 68_ _ _Feb 1949F A 110 Sale 110
11014
11912 122
20-year refunding gold 65_19411A 0 10814 Sale 10814 10812
10934 11238 Niagara Falls Power let 58_ _1932.J J 100 101 10138 Elept'213
85
97
Ref dr con 6s
Jan 1932,A 0 10514 Sale 10514 10512
100 101
Niag Lock & 0 pr 1st 55 A-1955 A 0 10014 Sale 100
10012
100 101
No Amer Cement deb 634s A.1940 M S 96
9612 96111
9878
100 13278 North American Edison 68-1952 M S 103 Sale 10234 10338
9038 961s
Secured St g 03.4s ser B-1948 M
10514 Sale 105
10538
100 10412 Nor Ohio Tmc & Light 65_._1947
961/ Sale 96
9012
Nor'n States Pow 25-yr Is A _1941 A0 9978 Sale 9978 10014
Registered
8534 8818
AO
9914 Sept'26
90
let & ref 25-yr Os series 11.1941 A0 ioi" 1-6i4 10434 10434
"0
92% 10478 North W T 1st fd g 4348 gtd_1934
'
3 98
9814 98 Sept'26
9412 10018
9918 10214 Ohio Public Service 7%s A__1946 AO 116 Bale 11438 11612
1st
&
ref
78
series B
91,2 9914
1947 FA 1144 115 115
115
79
8.3 Ohio River Edison 1st 138_ _ _1948 33 10538 Sale 10518
10513
10038 10312 Old Ben Coal let 138
1944 FA 90 Bale 90
91
10112 103 Ontario Power N F let 5s1943 FA 10078 10114 10072 10078
Ontario Transmission 58_ _ _ _1945 MN 10034 101 1007g
10072
10034 10312 Pacific Gas& El gen dr ref 53_1942
'
3 9934 Sale 9912 100
9434 98 Pac Pow & Lt Ist&ref 20-yr 543'30 FA 10018 Sale 9934 10014
9118 9812 Pacific Tel dr Tel let 55
1937 .7 J 10134 Sale 10134 10178
10114 10518
Ref mtge 5.5 series A
1952 M
10058 Sale 10032 10078
_
Pan-Amer P & T cony $ f 65_1934
N 10612 Sale 106
1061
:
9814 1412
let 10-year is
1930 FA 10518 10512 10512 10514
10018 102 Paramount-13way let 5)4s_ _1951 J 1 9714 Sale 97
9734
Park-Lox et leasehold 634s_ _1953 33 9234 Sale 9214
9234
Pat & Passaic0& El cons 58.1949 MS 10234- 10234 Sept'26
peep Gas & C let cons g 68_ _1943 AG 113 11312
10238 Sept'28
8212 7574
Refunding gold 55
1947 MS 101 10218 101
10112
62
757s Philadelphia Co coll tr Os A_1944 F A 104 10438 10378 10412
64
15-year cony deb 5)4s_ _ _ _1938 MS 101 10114 10034 1011g
7814
8534 9714 Phil» de Reading C & I ref 55_1973 ii 10034 Sale 1005g
101
88,4 9812
8218 ups Pierce-Arrow Mot Car deb 8E11943 MS 109 Sale 10812 109
Pierce
Oil s f 8s
8434 98
Dec 15 1931 ID 10018 10334 10012 Sept'26
9138 98 Pillsbury Fl Mille 20-yr 05.1943 A0 30112 102 102
102
9812 10012 Pleasant Val Coal 1st g sf 58_1928 J J 98- 9912 Sept'26
107 11614 Pocah Con Collieries 1st 51581957 J J 9034 -6i 9134 A02'26
Port Arthur Can dr Dk 65 A _1953 FA 19514 Sale 10514
10514
103 116
let M 68 series 13
1953 FA 10413 105 10412 Sept'26
10014 104 Portland Elec Pow let 68541947 M N 10038 Sale 10012 10034
10138 1064 Portland Gen Elec let 58. 19351
10018 101 10118
10114
105 10712 Portland Ry 1st & ref 58
1930 M N 9118 Sale 9118
9118
97
99 Portland Ry L & P 1st ref 58.1942 FA 9118 Sale 9132
911
10278 108
let lien dr ref 138 Belles 13_ _ _1947 ME 10012 Sale 10012 1004
90
let & refund 7348 series A _1946 MN 107 10712 107
9212
108
102 104 Porto Rican Am Tob 8s__ _ _1931
____ 105 Sept'26
N 105
12078 124
26
54
17
77
1
8
23
16
3
6
2
42
27
20
3
6
9
77
3
12
14
16
13
11
3
3
1
24
1
2
14
3
11
59
18
36
5
24
19
10
18
56
1
35
4
30
6
8
1
59
10
11
67
37
5
19
13
8
28
24
39
10
1
5
30
10
15
11
2
3
&no
High
774 821s
7712 89
9812 101
108 110
10112 107
100 10072
964 100
100 10314
1024 105
98 10012
1001* 10134
9412 9412
9914 10034
3974 4015
118 12612
12012 122
9934 10334
9918 100
99 100
11512 12114
118% 11312
9832 10212
7
is 101;
8912 98
8212 88
9314 103
6914 6912
63
53
8912 98
97
9912
104 10814
9634 10114
10212 10534
7112 7458
10114 10514
9234 98
We 99
983e 10012
9012 981g
10034 105
99
9978
9978 105
9612 984
9213 93
84
88
81
80
964 98
8312 9634
964 103
100 10214
5818 9438
98 10014
9513 100%
1004 103
9914 10312
10134 10414
10214 10214
10013 10334
1004 10312
924 9434
10078 103
9034 9614
go14 9613
8112 8612
115 118
102 10434
104 106
8918 92
101 101
10118 10234
10014 10334
60
52
62
46
5
1014
312 104
22
37
82
8818
10034 10234
5314 5934
89
82
10118 10412
9918
97
10978 11114
10713 10912
10034 1103
10434 10812
99 10134
95 100
10114 105
10378 106
9234 99
9734 101
99
9914
10414 1064
9612 98
112 11612
11038 119
10114 101314
88
974
9938 10212
9988 101
97% 1004
9918 10111
1.00.28 10238
9878 10212
104 11238
10378 10778
9212 98
8513 96
100 10234
11014 113
9812 10314
10312 10534
9838 10113
9912 10234
103 110
10311 1074
10114 10434
9812 100
904 93
102 10513
10112 10513
99 104
993s 10212
9258 96
8834 9434
99 10312
10534 10812
105 10514
[You 123.
THE CHRONICLE
1748
New York Bond Record-Concluded-Page 6
Quotations of Sundry Securities
All bond prices are
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. I
Pressed Steel Car cony g 5s. _1933 J
Prod & Ref sf88(with %%sets)'31 J D
Without warrants attached._ .1 D
Pub Sent Corp of NJ sec 68_1944 F A
Fub Fiery Eiec & Gas 1st 5,,e1959 A 0
1964 A 0
let & ref 51413
rub /dery El Pow & Ltg 6s. _1948 A*0
Punta Alegre Sugar deb 78 1937 J J
1937 M N
Remington Arms 68
Repub I & El 10-30-yr has L1940 A 0
Ref & gen 5 ,13 series A__ _1953 J .1
Rheinelbe Union 7s with war 1946 J J
Without stk purch war'ts_1946 J J
Rhine-Main-Danube 7s A._ _1950 M S
Rhine-Westphalla Elec Pow 78'50 M N
1955 F A
Rims Steel 1st 78
Robbins & Myers 8 f 78
1952 J D
Rochester Gas & El 7s ser B_1946 M S
Gen mtge 5 "-,a series C_ _ _1948 M S
N
Roch & Pitts C&Ipm 58..1946
Rogers-Brown Iron gen&ref 7s'42 M N
M N
Stamped
Price
Friday,
Oct. 1
Week's
Range or
Last Sale
Ask Low
9514 94
_ 11118
11118--ill 11114 111
10314 Sale 10233
105 Sale 105
10478 1053s 1047
107 Sale 10634
109 Sale 10814
9112 Sale 9038
9934 Sale 9934
9612 Sale 9638
11014 Sale 10778
9634 Sale 9634
9934 10034 9934
99% Sale 9914
90 Sale 90
54 Sale 54
11113 113141114
105 Sale 105
9012 ___9014
; 50
5034 527
52
53% 52
Bid
94
Q.
g
8I14
Range
Since
Jan. 1
High
High No. Low
94
9818
94
7
11114
2 1104 1128
111
6 10934 11214
10338 82 100 10484
105
11 1038i 10614
10478
1 1037s 10512
6 10134 108
107
109
66 104 111
8014 9112
9112 18
10014 19
9714 10014
9212 975
96% 30
9512 11234
11014 388
97
30
93
971%
9812 101
10034 37
9934 17
95 10018
88
91
5
91
54
3
54
6812
11114
6 111 114
105
1 10434 106
9014
2
9014 9012
50
5012
5
7334
52
2
49
6512
1937 M N
St Jos Ry Lt & Pr 5s
St Joseph Stk Yds 1st 445._1930 J J
St L Rock Mt & P 5s stmpd.1955 J J
St Paul City Cable cons 58..1937 J J
San Antonio Pub Serv 1st 68.1952 J J
Saxon Pub Wks(Germany) 76'45 M S
19465 J
Schuico Co guar 6%a
Sharon Steel Hoop lat 8s ser A '41 M S
Sheffield Farms 1st & ref 6 4s'42 A 0
Sierra & San Fran Power 5s..1949 F A
Sinclair Cons Oil 15-year 78.1937 M S
181 1.0 col tr 68 C with war_1927 J D
19385 D
1st lien 6 1 t.s series B
Sinclair Crude 011 3-yr 68 A_1928 F A
3-yr 6% notes B Feb 15._1926
1942 A 0
Sinclair Pipe Lines 158
1927 A 0
Skelly Oil 63 % notes
Smith (A 0)Corp 1st 6%8_1933 M N
9412 95% 9534 Sept'26
9738 --- 9718 Aug'26 ---7734 15
764 Sale 7612
96 Sept'26 ---_
961053
- -4 10512 10534 37
10512
9918 14
99 Sale 98
10014 Sale 10018 10034 22
108
108 Sale 108
3
1078i Sale 10734 1074
5
7
9512
9512 Sale 95
9814 197
974 Sale 9612
234
10112 Sale 10078 102
9212 176
9112 Sale 9034
85
10034 Sale 100% 101
10034 Sale 10012 10034 18
123
93
9234 Sale 9134
13413312 138
131
10114 1-02 10114 Sept'26 --
9114 97
9534 974
7612 817s
9514 98
10134 1067
9234 100
10018 10034
10734 109
1067s 10812
9112 9812
9334 995
10378 113%
87
94%
10018 10112
10034 10112
87
9414
11138 148
100 10212
South Porto Rico Sugar 78_1941 J D
South Bell Tel & Tel 1st a f 581941 .1 J
Southern Colo Power 6s_ ....1947 J J
S'a est Bell -i el 1st & ref 58..1954 F A
1948 M N
Spring Val Water g 5s
1930 M N
Standard Milling let 58
1945M 8
1st & ref 5 _to
Steel& ube gen s f 7s ser C.1951 J J
Stevens Hotel 1st 68 ser A...1945 J J
Sugar Estates (Oriente) 7s_ _1942
1929 FA 1
Superior 011 lots f 78
Syracuse Lighting 1st g 55__ .1951 .1 D
Tenn C oal Iron & RR gen 58_1951 J J
Tennessee Eiec Powlst 6s- _1947.1 D
1960 .1 J
Third Ave lot ref 4s
Ac1111.0 de tax-ex N Y._a1960 A 0
1937jJ J
Third Ave sty 1st g 55
1955.M S
Toho Eiec Pow lot 78
6% gold notes _ ....July 15 1929 J .1
Tokyo Eiec Light 6% notes.1928 F A
1941 M S
Toledo Edison 18t 7s
Toledo Tr L & P 5%% notes 1930 J
Trenton G & El 1st a 5s___ _1949 M S
Trumbull Steel 1st of 65_ _1940 F A
1982 J J
Twenty-third St Ry ref 5s
Tyrol Hydro-Elea Pow 7%5_1955 M N
1074 10712 107
107
1
10234 Sale 10234 1025
4
)004 14
997 Sale 997
10214 Sale 10214
10234 76
9912 108
9912 Aug'26 -_ 10012 10012 11
10012
6
10034 Sale 10012 10012
10734 Sate 10712 108
13
9914 Sale 9914
8
9934
9812 Sale 9712
9812
3
964 97
97 Sept'26 ---10212--- 1024 Aug'26 ---10312 1-0514 10312 Aug'26
10534 35
105 Sale 105
6312 35
6112 Sale 6112
5212 Sale 5212
5512 85
9718
9612 Sale 9612
9534 Sale 954
96
69
6
9834 61
9812 Sale 984
9834 Sale 9812
987s 33
10734 108 10734 108
13
9834 9878 9834
99
Z
102 Aug'26
10234
9712 Sale 9712
98
88
65
65 Aug'26 ---67
97
97
9738 9612
5
10534 1094
10118 10312
971.., 1027s
10034 13338
1003
01%
8
98
9%
14 1
Underged of London 4%8_1933 J J
1948 J J
Income 65
Union Elec Lt & Pr let g 55.1932 M S
1933 M N
Ref & ext 5s
1954.1 J
lat g 5 1 .13 series A
Union Elev Ry (Chic)58.-1945 A 0
1931 .1 J
Union 011 lot lien s f 5s
May 1942 F A
30-yr 6s series A
1935 F A
1st lien s f 3's series C
United Drug 20-yr 6a_Oct 15 1944 A 0
United Fuel Gas 1st s f 68_ 1936 .1, J
United Rye St L 1st g 45.....1934 J J
1937 M N
United SS Co 15-yr 68
United Stores Realty 20-yr 68'42 A 0
US Rubber let & ref 5s ser A 1947.1 J
.1 J
Registered
10-yr 7 1 % secured notes.1930 F A
US Steel Corp(coupon ___d1963 MN
f 10-60-yr 5s)registered .41963 MN
Utah Lt &Tree 1st & ref 58-1944 A 0
Utah Power & Lt 1st 58 '1944 F A
J
1950
Utica Elec L dr P 1st 58
Utica Gas & Elec ref & ext 55 1957 J J
Vertientes Sugar 1st ref 78._ _1942 J D
1953J J
Victor Fuel lat s 155
1947.1 D
Va-( aro C hem let 7s
Stpd as to rmyt 40% of prin
1947
1st 78
Ctf of deposit asstd
--Ctf of deposit Mud
vsIron Coal & Coke 1st g 58 1949 M S
1934J J
Va Ry Pow ist & ref 5s
Walaorth deb 61418(with war)'35 A 0
1st sink fund 6s series A-1945 A 0
Warner Sugar Refill let 78 1941 .1 D
1939 .1 J
Warner Sugar Corp 1st 7s
1939 J
Wash Water Power s f 5s
Westches Ltg g 5estmpd gtd 1950 J D
1944 M N
West Ky Coal 1st 78
West Penn Power ser A 58...._1946 M
1963M
S
lst 58 series E
1953 A 0
let 5 s series F
D
J
1956
0
series
55
sec
1st
1950 J .1
West Va C & C 1st 6s
9333 9
--- 96 Apr'26
934
95 Aug'26 101 Sale
d
101
101
1
10118 12
101 10118 101
10134 102 10134 1018
4
80
83% 84 Sept'26 ---10134 102 10134 Sept'26 107 10712 10714 10714
9
9812
9818 9834 9838
6
10578 10
10512 Sale 105
1
10234 Sale 10238 10234
7612 17
76
774 76
1
8818
884 Sale 884
10334 Sale 10334 104
7
9334 248
93 Sale 9234
9278 Sept'26 10618 Sale 10534 10714
10
10578 Sale 10538 106
126
10518 Sept'26 ---9218 23
9218 Sale 917j
97
9634 Sale 9634
21
102
10218
_ 102
2
10134 102 10134 10134 11
99
9734 Sale 9712
19
57 Aug'26 54 • 56
10818
- 109 Sept'26
10818
- 110 Sept'26 2
10812 Sale 10812 10812
1081
--- 10812 Sept'26 ---92
92
91384 96
1
9812 30
9812 9834 9814
9178 9212 917
92
4
7
07
96 Sale 9678
54
8412 Sale 8125
1134
59% Sale 59
10234 10312 1027s Sept'26
10178_
1
107 1-01% 10134 10134
2
10012 10114 10012 10012
9
10012 Sale 1004 10012
3
10414 Sale 10414 10414
1
10012 Sale 10012 10034 20
7914
7912 794
79
1
1944 AO
Western Electric deb 55
Western Union coil tr cur 5s_1938 Si
Fund & real est g 4148.__ _1950 MN
1936 FA
15-year 6 ..13 g
1931 MN
Westinghouse E & M 78
MN
Registered
20-year g 58
1946 MS
White Sew Mach 68(with war)'36 J J
Wickwire Spen 811 1st 78
1935 .1 J
Certificates of deposit
MN
(Vs of deposit stamped
Wickwire Sp SVI Co 7s Jan 1935 MN
Willys-Overiand 816 )s--1933 MS
Wilson & Co 1st 25-yrs f 68_ _1941 AO
Registered
Winchester Arms 7193
1941 AO
Young'n Sheet & T 20-yr 65_1943 .1
10034 Sale 101
10112 82
10212 __ . 10212 10212
I
9834
9834
99 100
2
11115 Sale 1114 112
20
10434 Sale 10412 10434 50
_ 10534 Aug'26 -10018 296
100 Sale 9978
157
1004 Sale 974 101
55
4
54 Sale 547
6014 Mar'26
88
7012 Mar'26
80
9
50
14
4912 Sale 42
10112 Sale 10114 10112 47
99
27
9834 Sale 9838
93 Feb 25 ___
104 10412 10134 10434 10
10414 Sale 10334 10412 92
a Due Jan. 2 Due April. s Option sale.
977 10114
10712 109
9912 10034
8912 100
95
9712
100 10214
1021s 10434
102% 106
5512 8512
4112 65713
92
90158
2 98
83'4
2
964 99
96
9912
10714 1094
98
997
10018 10234
9412 99
61
75
9414 9734
4
96
10
90
912
1004
10012
7712
10
96
212
10234
10234
8512
10
90
93
18
8 190 8
214
9518 99
10312 10712
10112 10412
7412 79
8712 95
103 105
9134 95
9278 9278
10538 10834
103 10734
10434 1064
10
980
8668
4 10
992
943
%
10018 102%
9012 9912
53% 644
105 110
10434 11112
10412 110
106%108':
9
97
112
4 101%
98
89
9512
914 97
79 100
56
8878
1014 102%
10178 10334
100 10214
9078 103
9934 1034
10434 106
1004 10034
91
65
10018
101
9614
111
10334
10534
997
9412
53
6014
7012
397
10114
9534
10314
10312
100
1174
107
10534
100%
101
7012
6014
7012
684
105
101
Standard Oil Stocks Par
Anglo-Amer Oil cot et _ ...£
Non-voting stock
100
Atlantic Refining
100
Preferred
Borne Scrymser Co
100
New.
Buckeye Pipe Line Co____50
Chesebrough Mfg new-25
Continental Oil v t c__10
Crescent Pipe Line Co__ _50
Cumberland Pipe Line_ _100
Eureka Pipe Line Co_..100
Galena Signal Oil core_ ...100
100
Preferred old
100
Preferred new
25
Humble 011 & Ref
100
Illinois Pipe Line
Imperial 011
Indiana Pipe Line Co_ _50
International Petroleum_ _ t
National Transit Co_ _12.50
New York Transit Co_ _ _100
Northern Pipe Line Co_ _100
25
Ohio 011
25
Penn Mex Fuel Co
Prairie 011 & Gas new _.25
Prairie Pipe Line new-101)
100
Solar Refining
Southern Pipe Line Co flew.
25
South Penn Oil
Southwest Pa. Pipe Lines100
Standard 011 (California).- Standard 011 (Indiana)_.-25
Standard 011 (Kansas)_ _25
Standard 011 (Kentucky).25
Standard 011 (Neb) new._25
Standard Oil of New Jer_25
100
Preferred
Standard 011 of New York 25
Standard Oil (Ohio) - -100
100
Preferred
Swan & Finch
100
100
Union Tank Car Co.:
100
Preferred
25
Vacuum 011 new
10
Washington Oil
Other Oil Stocks
Atlantic Lobos 011
Preferred
50
Gulf 011
25
10
Mountain Producers
Mexican Eagle 011
5
100
National Fuel Gas
10
Salt Creek Cons 011
Salt Creek Producers_ _ _ _10
and Is terest" except where marked
Railroad Equipments
Atlantic Coast Line 6s
Equipment 614s
Baltimore & Ohio 65
Equipment 414s &
But Koch & PIUS eq1111) 68Canadian Pacific 4148 dr 6s.
Central RR of N J 68
Chesapeake & Ohio 64
Equipment 6145
Equipment 68
Chicago Burl & QuincY 611
Chicago dr North West 65_
Equipment 634s
Chic R & Pac 4%s & be
Equipment 6s
Colorado & Southern 68
Delaware dr Hudson 68
Erie 4148 & 5s
Equipment 65
Great Northern 6s
Equipment 5s
Hooking Valley 53
Equipment 6s
Illinois Central 4145 & 58
Equipment 6s
Equipment is dr 6
Kanawha & Michigan as
Equipment 434s
Kansas Cith Southern 5145_
Louisville & Nashville 68
Equipment 634s
Michigan Central 58 & 641_ _ _
Minn St P&SSN 4148 & 5s
Equipment 8345 & 7s _ _
Missouri Kansas & Texas 6s
Missouri Pacific 135 & 634w..
Mobile & Ohio 5)411 & 53
New York Central 434s & 5s
Equipment 138
Equipment 78
Norfolk & Western 430
Northern Pacific 7s
Pacific Fruit Express 75.-_.
Pennsylvania RR eq 58 4 68
Pitts & Lake Erie 61431
Equipment 68
Reading Co 4(4s& 55
14 ER Louis & San Francisco 5513
5318 4 . Seaboard Air Line 5348 & 88
9214 9234 Southern Pacific Co 4 As
2334 24
Equipment 7s
8 Southern Ry 414s & 55
4
160 170
Equipment 13.
81s 814 Toledo & Ohio Central 68.3012 3034 Union Pacific 75
Bl . Ask
1814 1812
1734 1778
110 111
115 117
275 285
72
68
464
46
7212 74
1934 197
41612 16
107 119
4612 4712
1314 14
60 84
48
41
574
57
13414 1345
3578 3618
6012
60
3214 3234
1312 1334
3012 3212
6712 68
5814 5834
1812
17
5112
Si
124 125
203 205
2412 25
374 38
5212
51
60 604
*6318 6314
2018 21
121112 121
4534 4614
4214 4234
116 11614
318 32
295 298
1184 119
17
18
11718 11812
115 11.514
9714 9734
Pc-Cl B4114
5.15 5.00
4.90 4.70
5.15 5.00
4.85 4.62
5.20 5.00
4.95 4.65
5.15 4.95
5.25 5.00
5.15 4.90
4.85 4.65
5.20 5.00
5.20 5.00
5.00 4.80
4.85 4.70
5.25 5.05
5.25 5.00
5.15 5.00
5.00 4.75
5.25 5.05
5.20 5.00
4.85 4.70
4.85 4.70
5.20 5.00
4.75 4.60
5.15 5.00
4.85 4.70
5.30 5.10
5.00 4.80
5.10 4.85
5.15 5.00
4.90 4.75
4.95 4.75
5.10 4.85
5.25 4.90
5.30 5.00
5.20 4.90
4.90 4.65
4.80 4.60
5.20 5.00
4.90 4.75
4.7( 4.55
5.00 4.75
4.95 4.75
5.10 4.65
5.05 4.80
5.15 5.00
4.70 4.55
4.85 4.70
5.25 4.9.11
4.70 4.60
4.90 4.75
4.85 4.70
5.20 6.00
5.20 5.00
4.90 4.75
Tobacco Stocks
Public Utilities
108 108 American Cigar common 100 130 135
Airier Gas & Elec
95
96
Preferred
100 99 102
6% pref new
British-Amer Tobac ord_El *2212 24
M&N 100 101
Deb 6s 2014
Amer Light & Trac com_100 215 216
Bearer
£1 *2212 24
100 10712 109 Imperial Tob of0 B & Irei'd *2712 2812
Preferred
9734 Int Cigar Machinery _ _100 103 108
A00 97
Amer Power & Lt
9958
9934 Johnson Tin Foil & Met_100 65
Deb 68 2016 pref.-M&S
77 MacAndrews & Forbes..100 40
42
Amer Public Util corn A00 70
95
100 101 104
7% prior preferred_ _100 93
Preferred
86 Mengel Co
100 40
100 82
4% panic pref
42
50 Porto Rican-Amer Tob_ _100 67
81
Associated Gas & El pf-t *49
Secured g 6349 1954 J&J 10312 105 Universal Leaf Tob com.100 . 79 81
100 100 102
Preferred
Blackstone Val G&E com_50 *100 101
4514 Young (5 El) Co
100 120 124
Cities Service common...20 •45
100 104 107
Preferred
100 *8912 89%
Preferred
10 *7%
Preferred B
Rubber Stocks (Cle,elandt
)
100 7712
Preferred B-B
9111
Cities Service Bankers Shares *2212 -4.2-1-2 Falls Rubber corn
19
Preferred
25
Com'w'Ith Pow Corn new.t *42
10 *112 116
0e%
stopnreefT
er
irreed
& Rub corn100
04's F1r
100 9.) 10812
Preferred
10012 102
Elec Bond & Share pref _100 1071
71) 704
100 9612 97
7 1, preferred
Elec Bond & Sh Secur
1612 Gen-rti Tire & Rub corn..25 11140 148
Lehigh Power Securities_ _ t *16
106 110
Preferred
Mississippi Riv Pow corn 100
97 Goodyear Tire & R com_100
100 95
Preferred
95
First mtge 55 1951. _J&J 10012 10112 Goody'r R & Rot Can pf 100
India Tire & Rubber new..t 29 3112
S F g deb 7s 1935._-M&N 102
101 1i
-6 - Marenfe'rrrierde & Rub co m _ _ t
184
Nat Pow & Lt pref
i00 15
17
P
North States Pow corn...100 107% 10812
100 103 104 Miter Rubber preferred_100 10012 101
Preferred
100 34 40
27 Mohawk Rubber
Nor Texas Elec Co com_100 23
Preferred
75
100
Preferred
101 SelberlIng Tire & Rubber_ -t *224 24%
60Pacific Gas & El 1st pref.100 100
*5
100 974 93
9
Preferred
Power Securities corn
24
27
Second preferred
g
941
sa
rrStocks
Coll trust 6s 1949_ _J&D 92
CaracasSu
g
50 41% 214
Incomes June 1949_ _F&A *82 862Su
29 Cent Aguirre Sugar corn..10 *83
8412
Puget Sound Pow & Lt .100 28
100 144 148
6% preferred
100 83 85 Fajardo Sugar
100 103 105 Federal Sugar Ref com 100 35 45
7% preferred
100 55 65
Preferred
1st & ref 514s 1949J&D 100 101
92 Godschaux Sugar, Inc_ -t *2
4
Republic Ry & Light._ 100 87
Preferred
ioo 15 25
100 110
Preferred
dr Corp com__ _t *33 35
lyfe
Srurg
ea
South Cal Edison 8% pf.25 3312 15.1-2 Hoplre
70 80
Standard G&E 7% Pr p1100 102 104
Tenn Elec Power 1st 01 7% 1024 10312 National Sugar Reflning_100 122 123%
75
Western Pow Corp pf._100 978 99 New Niquero Sugar.._ _100 60
92
95 Santa Cecilia Sag Corp 9(100
West Missouri Pr 7% pref.
3
Savannah Sugar cons
_t •145 150
Preferred
it'll) 120 125
Short Term Securities
Anaconda Cop MM68.29J&J 10234 10278 Sugar Estates Oriente 9(.100 1157 60
Chic RI dr Par 59 1929.J&J 99% 100
87
Indus. & Miscellaneous
Federal Bug Ref 6s'33. M&N 83
86
Missouri Pacific 59 '27.J&J 9934 1001 1 American Hardware
25 *83
Sloss-Sheff S&I 58 '29.F&A 10214 103 Babcock & Wilcox
100 116 118
100 10038 Bliss (E W) Co new
Wls Cent 5148 Apr 15 '27_
26
t *23
Preferred
*57
Borden Company cora _...1 *94
Chicago Joint Stk Land B
10212 10412 Celluloid Company
17
Nov 1 1951 opt 1931_
100 14
70
Preferred
55 Nov 1 1951 opt 1931._ 101 10212
67
09 13
:444 10212 Childs Company pref....101
58 May 1 1952 opt 1932._ 1009
116 118
4345 Nov 1 1952 opt 1932_ 10012 10112 Hercules Powder
100 168 173
1)
12
11114
410 Nov 1 1952 opt 1932._
Preferred
100 116 11712
444s May 1 1963 opt 1933-International Silver pref _100 105 108
9712
5s Nov 1 1963 opt 1933_ 1014 10234 Lehigh Valley Coal Sales.50 *95
Phelps Dodge Corp
4148 Nov I 1964 opt 1934._
100 134 137
90
9'18
4 1(01114 RopyraelfeBrraelcdi
4145 Oct 1 1965 opt 1935.. 10
166
160
com_100
1
0
n
g
Pow
Pac Cosst of Portland, Ore100 10112
5s 1955 opt 1935.....M &N 10114 10314 Singer Manufa-turing_100 360 365
10118
103
_M&N
55 1954 opt 1934._
Singer Mfg Ltd
El •614 64
•13,
ioo
so
16"
1:131i8 1-01'10114 105
•Per share. t No par value. h Basle d Purchaser also pays accrued dividend.
a New stock.
Flat price. k Last sale. X Nominal. z Ex-dlYldend. y Ex-lights.
r Canadian quotation. 8 Sale price.
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Sept. 25.
Monday,
Sept. 27.
Tuesday,
Sept. 28.
Wednesday, Thursday,
Sept. 29.
Sept. 30.
Friday,
Oct. 1.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
B
:erS
page
Range Since Jan 1 1925
1749
l'ISIC SH ANS
Range for Precious
Year 192,5
Lowest
Highest
Lowest
Highest
Railroads.
18912 16912 169 170
__ .217112172
172 17212 17238 17238
289 Boston & Albany
100
159
Jan
9
175
Feb
13
156 Feb 16434 Jan
8312 83,2 8312 8312 .2171-84
84
4312 8312 83
8312 83
8312
399 Boston Elevated
100 77 May 3 8512July 15
7514 Mar 85
Jan
•100
_ _ •IPO 102 *WO 102
100 100 *10014
15 Preferred
100 89 Feb 27 102 Mar 20
92
Jan 10414 Dec
*11512 126
119 120
120 120
11914 11914 *118 120
--------135 1st preferred
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dec
105 10514 *210514
_ _ 10514 106
*2106
_ *210514 _ __ 10514 106
130 2d preferred
100 9812 Jan 9 112 Jan 2
94 Mar 116 Dec
53
5312 -5312 53
53
55
5412 56
5418 5512
5534 5718 5,677 Boston & Maine
100 35 Mar 30 5812July 26
10
Apr 4912 Dec
_ *49
. - _ - - Preferred
---- ---- _ - _ -__
100 32 Apr 14 53 June 30
1112 Apr 46 Dec
078i2 -76
Ms -7-8-34 .78T3 .
.
S6
6 - 1- 6 -8-0- - --------1.012
Series A let pref
100 59 Apr 15 81 Sept 29
17
Apr
65 Dec
11512 120 0115 120
120 120
120 122 .120 126
298 Series B 1st pref
---100 84 Apr 15 122 Sept 29
29 Apr 8712 Dec
*9712 115
9712 110
*9712 110
110 110 *105 110
--------14 Series C lot pref
100 74 Apr 15 110 Sept 29
25
Apr
7912 Dec
•I45 ____ *145_ 0145
_ 155 155
155 156
175 Series D tot pref
100 105 Jan 29 156 Sept '0
3512 Apr 116 Dee
10512 I-68 106 106 ...=, 106 106 106
_ _ 106 1-0-6
699 Prior preferred
94 Apr 16 107 Sept 17
96 Dec 99 Nov
*2179 . _ *2179 _ _ .2179 _ ._ *2179
___ .2179 ------------------Boston & Providence
100 217512 Mar 19 182 Jan 29 167 Feb 180 May
•55 -58. .55
57's 5-7,4 58 -53
5712 7l2 59
5859
152 East Mass Street Ry Co_ 100 51 Apr 22 61 Jo.n 6
26 Sept 5212 Nov
--- 060 --. - 6012 6034 60
GO
•60
62
let preferred
55
100 5912 Apr 29 71 Jan 2
60 July 73 Dec
.59
- *59
*59
_ _ *59
_ *59
60
__- - -- - - ___ _ _
Preferred 13
100
56
May
5
69
Jan
13
51 Aug 70 Dec
42 -42- 0x42 -43
.242 -43
4212 -4343
43
--------237 Adjustment
100 40 Apr 29 4914 Jan 29
35 Sept 50 Dec
*4912 50
4912 4912 *4912 50
4912 4912 4912 50
--------340 Maine Central
100 49 Sept 1 60 Feb 3
23
May 56 Dee
*4334 4412 4418 4514 45
45
44
,
8 4518 4478 4514 4478 4 14 2,663 NY N H & Hartford
100 31711Mar 30 4838July 17
28 Mar 4834 Dec
029312 96 *2922 94 .20312 04 *293,2 91
____ ---- ---- ---- ______ Northern New Hampshire 100 81 Apr 8 93 Sept 7
70 Feb 90 Dec
.21231412412 .21231412712 *21231412712 .x1231412712 12812 12812 --------13 Norwich & Worcester pref. 100
120 Apr 22 130 Aug 9 100 Jan 125
Oct
.
1 2122 12412 .2122 12442 .2121 12412 123 123
123 123
18 Old Colony
100 III Jan 6 125 Sept 1
96
Jan 113
Oct
0.2103 ____ 02102 ____ *2102 ____ *2103
102 102
25 Vermont & Massachusetts.100 9934 Mar 12 105 July 26
87 Feb 101 Dee
Miscellaneous.
278 278 0234 3
234 2,
4
234
278 0234 3
--------225 Amer Pneumatic Service___25
2i Sept 22
5 Jan 7
212 Mar
5 Des
21 14 *21
2114 021
*21
2114 *21
2114 *21
21 14 ____
- _ _ _ ___
Preferred
50 21 Aug 10 2414June 3
1612 Mar 2412 Dec
14512 1461-2 146 146,
8 14638 14631 14614 14658 14534 14634 14578 1461s
--1,605 Amer Telephone & Teleg_100 13912June 24 15034 Feb 15 13038 Jan 145 Dec
*54
55
5334 54
53
5412 53
54
54
54
54
54
289 Amoskeaa Mfg
No par 4812July 13 71 Jan 2
61 12 May 87 Aug
*73
*73
75
75
*73
75
*73 • 75
*73
75
74
74
40 Preferred
No par 7234July 2 78 Feb 23
7014 May 8634 Aug
•20... *20
.20
_ _ *20
__ *20
_ __----- ____ _ _ Art Metal Construe. Inc_
20
___10
Jan
16
21
12
Jan
23
14
Jan
16 Aug
.55 -57
5612 5612 *55 68 •55 - 7
*55 -57
-___- ____
25 Atlas Plywood tr ars
4 Jan 19
5212 Apr 14 63,
4612 Aug 6712 Dec
•10
11
11
510
010
11
*10
11
*10
11
____ ___- ___ _ _ _ Atlas Tack Corp
No par
912June 19 1714 Jan 2
912
Aug
21
Dec
•18
19
*18
19
*18
19
18114 1818 *18
19
--------100 Beacon Oil Co corn tr ctfs____
I4,8May II 2012 Jan 14
77
77
-2- 77
'
, 76
77
76
76
75
Bigelow-Ha
75
57
rtf Carpet _No par 75 Sept 30 9812 Jar 2 -6712 Nov io-iiz Oct
849
107 107 •-107 107
10714 10714 107 107 .107 109
____ ____
61 Boston Cons Gas pref 614%100 10512 Jan 25 10912June 21 103
Jan 10814 Aug
0260
65 *z60
65 *260
65 *260
65 °/60
65
---- ---- ______ Dominion Stores, Ltd_.No par 57 May S 6812 Feb 1
2814 Jan
74
Oct
Preferred A
100 104 Jan 5 11218June 9
99 June 100 Dec
- - ---- - - ---- ---- ______
- '--- ---'
---.2 -2
,
8
•I sr - -23-s ---'
*134 - -2-31
•134
No •134 -i
,
ti --,2.- ___ ___ East Boston Land
4May 20
1,
312 Jan 21
10
112 Apr
638 Sept
*814 612
612 612
638 612 *512 688 ---345 Eastern Manufacturing
5 --6
312N14,r 8
. 12Sept 21
5
3 July
634 Jan
'153
53
55
54
531, 531s 53
5312 54 -5-514 5378 5371
345 Eastern SS Lines, Inc
25 53 Sept 23 8812 Jan 22
42 Mar 8978 Dec
*3373 41
03578 40
*3378 40
*3378 40 .3878 40
3878 3878 , 10 Preferred
Vo par 3834 Apr 15 45 Jan 6
35
Jan
4814 Oct
93
•09014 93 .291
9234 9234 93
93
93
93
--------199
IR, preferred
100 92 June 25 9911 Jan 9
89
Jan 100 July
01912 1934
1912 1912 1912 1912 .19
1912 .1812 1912 --------90 Economy Grocery Stores
1912July 7 26 Feb 5
18 Aug 2312 Sept
22684 227
225 225
227 223
226 223
226 226
226 227
410'Edison Electric Ilium
100
.2207
250
Jan
Feb
15
II
200
Jan 213 May
24
*23
24
*23
*23
24
23
23
24
24
24
2612
140 Galveston-Houston Elec. 100 14 June 22 2612 Oct 1
17
Oct 38
Jan
1112 "(114 1212 *1114 1212 .1114 1212 •1114 1212
•11
-___ ._ General Pub Serv Corp com__
11 ,, Apr 12 17 J4,1022
*37
37
3714 3712 3712 02612 37
37
-37
37 ---37
37
_
68 Gilchrist Co
No par 3414 Apr 20 403* Jan 12
-321
4 Aug -43 -July
9512 9684 9684 9714 9714 98
34 3,172 Gilette Safety Razor__.No par 8812 Mar 30 11312 Feb
9712 9734 9614 9712 97
97
6
571/ Jan 11512 Dee
13
*13
13
15
•12
15
*12
.12
13
13
Greenfield Tap & Die
25 10 May 6 14 Sept 17
11 May 1512 June
*659
63 •259
61 "259
63 .260
61
63
65
64
6512 2,120 Hood Rubber
No par 56 Aug 14 68,
4 Feb 4
52 May 72
Oct
Internet Cement Corp,No par 52 May 17 6814 Feb 9
5212 Jan 80
Oct
•.12 .45 0.12 .45 _
____ __
---- ---- -- , ---- ---- _
International Products,No par .10 Jan 2 .25 Mar 24 .05 Dee
2
Jan
*. .25 0.25
- ____ •.Y5 ____ •--Preferred
•i5 - ----____
-_
r
.30
May
100
19 .55 Jan 5 .10 Dec 1012 Jan
.95 _ - .95 _ . *95 _ _ *95 . __
95
95
-9595
-42 Kidder, Peab Accep A pref_100 293 Apr 15 96 July 30
8212 Jan 9512 Nov
*812 -0
.812. -0512 112 *812 -9
0814 834
812 9
100 Libby. McNeill & Libby__ _ _10
612 Aug 13
934 Feb I
614 Apr
938 Jan
0714
2*714
734
7
712
--------105 Loewa Theatres
7
7
25
6 July 8 1218 Jan 18
1114 Aug
1378 Jan
8312
*714-83'2
-86 -8612
8612 86i2 85
86
86
86
85
8512
Massachusetts
314
Apr
Gas
20
Cos___100
870
80
48ept
15
68
Feb
85
Dec
6684 67'2 6634 6712 6612 67
67
6733 67
67
6714 67
407 Preferred
100 65 Jan 6 7018 Feb 20
6312 Jan 70
Oct
*01051210712 *x1061210712 107 107 *z106 107 .10412 107 *106 107
10 Mergenthaler Linotype.No par 1104 June 2 1110 May I 167
Jan
17
•10
11
Oct
1012 11
11
11
11
ills *10
11
11
11
265 Mexican Invostrnent, Inc
,
8May 26
10
734 Apr 22 14
714 Sept
1684 Jan
.05
97 *295
97 0.295
97 0295
97 *295
Pow
97
Riv
Miss
---stpd
___
-__
pref__ _100 89 Apr 9 96 Jan 4
8712 Jan 9614 Nov
.212 234
212 212 *212 274
212 2,
8
2,
8 258
212 --212
400 NatIonal Leather
10
2 Aug 4
412 Jan 5
334 Dec
834 Jan
•r2512 27
2512 26
25
25 *22512 27
25
25
26
26
485 Nelson (Herman) Corp..
5 1512 Jan 9 2912July 19
1133
•.25 .40 0.25 .40 ..25 .40 0.25 .40
17 Deo
.25 .25 --------500 New Eng 011 Ref Co tr ctfs___ .20 Jan 2 .95 Apr 29 .10 Dec
Dec
2 June
_
*6
_ _
*6
__
*6
_
.6
_ _ ---- ---- ____ _
Preferred tr Ws
100
3 July 15 1012 Jan 6
534 Apr 12 Sept
.100
*6101
-- *100 101
- 100 100
-100 100
- -. 100 101
- - --------171 New England Pub Serv prior p1 95 Sept 20 101 Sept 1
*3
4
*3
4
*3
4
.3
4
3
3
1
1
73 New Eng South StIlls_No par
1 Oct 1
8 Feb 18
278 Dec 11 Feb
•12
15
"12
15
•I2
15
.12
15
1212 1212 1212 1212
23 Preferred
100
5 Aug 5 28 Jan 29
20 Dec 55
Jan
11414 11414 114 11412 11414 114.2 114 115
11412 115
115 115
406 New Eng Telep & Teleg.__100 11078 Apr 1 11834 Feb 17
99 Apr 12212 Nov
*9011
- *9012
*9012 _ -- _ .9012 _ __ .9012 _ _ ---- ---- ____ _ _ No Amer Mil let pf full paid.
Feb 15 96 Feb 25
89
90
Sept
100
May
1918 -1918 •19 -20
19
19
19
19
1912 1912
- - --------114
1st pref 25% Paid
18 Feb 1 27 Feb 25
20 Slay 23 Mar
46
47
47
48
47
47
47
47
47
47,
47
4 47
494 Partite Mills
100 3512July 6 55 Jan 2
50 Dec 8112 Jan
046
49 .40
49
046
49
*46
48
47
49
48
47
10 Plant (Thos G), 1st pref
100
40
Mar
25
6814
Jan
12
32
Aug 75
Oct
.2____ 1578 *11512 1578 1518 1512 ../1518 1578 .21518 157a --------25 Reece Button
Hole
10 15 Feb 8 • 1714 Aug 26
1514 Aug
18
Apr
.1112 2
"2112 2
0/112 2
112
1 12 */1 12
Folding
134 --------100 R
Reece
Machine_ _ 10
I12 Jan 19
134 Apr 28
114
Nov
23
4
Jan
106 106 .2105 106
105 106
105 10512 105 10512 10578 10578
355 Swed-Amer Inv part pref_100 98 May 28 110 Aug 6
9914 Dec 101
Dec
115 115
115 11512 115 115
115 115
11412 11434 11434 11434
242 Swift & Co
100 111 Apr 21 117 Feb 20 10914 Apr 120 Feb
69
5914 69
69 .x68
69
6812 6812 6812 6812 5812 6812
210,Torrington Co
2'
51
Mar
31
72
Sept
10
4512 Apr 7312 Dec
•1312 14
*1312 14
1312 1312 .1312 14
*1312 14
Twist
10'Union
Drill
5
5
7
1512
Jan
Feb
11
3 OH
491: 50
7' Jan
49
4934 48
49,
8 49
4934 4834 4918 4812 18-34
1,634 United Shoe Mach Corp
25 47 Mar 31 5314 Aug 25
4034 July 50 Nov
•528
2812 .r28
281? 28
28 *228
2812 2814 2814 28
28
105 Preferred
25 28 Jan 2 30 June 25
2612 Jan
29
Oct
*211014112
11014 112
11014 11014 110 11012 109 109
--------110 U 8& Foreign Sec 1st pref I pd 100 Slay 19 135 Feb 16
98 Mar 12411 Dec
*87
871. 87
87
86
84
46
84
8512 86
85
8512
1st pref 75% paid
515
60 May 30 90 Apr 3
2412 Jun
73 Nov
*22012 21
2034 2034 2012 2034 2012 20,
4 2014 2012 2012 21
WaldorfSys.Inc. new oh No par
1,480
17
Jan
6
217
8
Aug
19
1412
Aug
1934 Jar
*37
39
37
37
*37
39
39
37
____ ____
37 .37
45 Walth Watch Cl B corn.No par 29 Jan 18 40 Feb 5
5
Jan 34 Dec
*25534 58 .25534 54 .25584 58
56
56
56
56
____ ____
50 Preferred trust Ws
100 52 Jan 23 60 July 19
1714 Jan
57 Dec
.3101 108 *2101 108 *2101 108
103 103
101 101
____ ____
preferred.
Prior
10
100
101
Sept
30 11012 Apr 13
65
Jan 105 Dec
1578 16
16
16
1.512 1534 1512 1512 1512 1512 -------656
Walworth Company
_
20 12,
4Nlay 28 23 Jan 27
1634 June 2714 July
48
48
4812 4812 48
,
4 494 49
4912 49
4912 ' 49
49
825 Warren Bros
50 44 Mar 25 5218 Aug 31
37
Jan 5012 July
*x4014 41 *24014 41 *24014 41 *34014 41 024014 42
4014 4014
lot preferred
20
50 39 Apr 15 43 May 24
3758 Jan 4312 July
*2424 43 •z4218 43 *x4218 43 .243
44 * 243
44
43
43
10 2d preferred
50 42 Apr 16 47 Feb 10
4012 Jan
48 Dec
*12
13
012
13
012
*12
13
13
.12
13
__
Will & Baumer Candle corn__
1034 Aug 18 1712 Jan 2
11 Mar 2178 Dec
Mining.
•.20 .35 0.20 .30 0.20 .30 0.20 .35 0.20 .30 "1.20 .30
Adventure Consolidated_ _25 .05 Star 15 .40 July 19 .05 Dec .25
Jar
•.05 .20 0.05 .20 0.05 .20 0.05 .20 0.05 .20
.05 .20
Algornah SlIning
25 .10 Feb 2 .10 Feb 2 .10 Mar .25
Jar
*a85 I
---_ •a85 1
•a.90
1 .a.85
1
.60 .00
100 Arcadian Consolidated.... 25 .25 Mar 27
1 38 Aug 4 .50 Dec
•11 1114
3
Jar
11
1118
10
1012 1012 1034 1038 10,
8 1012 11
825 Arizona Commercial
5
9145tay 25 1234 Jan 2
912 Mar 1538 Feb
*240
41
40
40,
8 3918 3912 39
3934 3834 383* 3814 3814
735 Bingham Mines
10 29 June 2 5534 Jan 4
2814 July 6014 Oct
171s 1712 1714 17,
8 1714 171 4
1714 1734 1734 1734
1734 2,294 Calumet dr Hada
25 1314June 7 1858 Aug 9
1238 June
•.25 .30 .1..25 .30 0.25 .30 0.25 .30 0.25 .30 .1171s
1878 Jar
.25 .30
Carson Hill Gold
1 .20 June 10 .50 Jan 2 .20 May .90 Aur
1518 1512 1512 153* 1514 1514
1514 153* 1514 16
16
1612
610 Copper Range Co
25 13 May 20 20 Jan 4
3
18
3
Dec
33
Jar
234 234 *234 314
*23
3
4 314
3
3
3
705 East Butte Copper Mining_ 10
2341May 18
*840 .60 0(2.40 .60
4 Feb 3
3 June
614 Jar
.40 .40 0a.30 .60 *a.30 .60 0a.35 .60
100 Franklin
25 .30 Sept 9
114 Jan 20 .04
Jan
•.50
1
Jar
•.50
1
..50
13*
1
0.50
1
0.50
I
-___
_
,
_
Hancock Consolidated_ _ _ _ 25 .50 Feb 25
•18
1 14July 17 .50 June
1612 *1534 1612 *16
184 Fet
--1612 --11312 •16
1612 16
16
17
320 Hardy Coal Co
1
14 Mar 29 2114 Jan 4
8.90
1 18 0.90
1512 July 23
1
Jar
.90 .90
.85 .95 ..90
1
0.80
Helvetia
112
425
2 Jan 11
25 .80 Mar 27
179 179 0/176 178 .2176 178 0/176 ISO *2175 180
1
Dec
312 Fet
178 180
122 Island Creek Coal
1 141 Star 29 185 Aug 2 121 Star 165 De(
*21011810112 .21011810112 101 13 101 18 .210118_ _ .2101 18
_ .101185 Preferred
1 9912 Jan 4 106 July 28
•11 12 1212 9154 1212 ..] 11
9414 May 10012 Del
/
4 1212 1184 1114
1112 1112 1112 - -1214
Royale
Isle
715
Copper
25
912June 7 14 Aug 9
•178 2
*178 2
978 Apr 2012 Jar
178 213
2
2
218
278 *2
21a
1,540 Keweenaw Copper
25 .50 Jan 2
..75 114 *.75
27s Sept 30 .50 June
112 Jum
114 *1.75
1 14 •.75
.80 .80 0.75
118
1
8 Lake Copper Co
25 .75 May 19
138July 14
1
Apr
*1
3 Jar
114
1
1
.1
114 *1
114 *1
114
°I
114
10 La Salle Copper
25 .80 June 12
212 Mar 15
1 Dec
3.4 Jar
214 214
218 214
214 213 *218 238
214 214
2
21X4
780 Mason Valley Mine
134 Jan 26
5
258Sept 17 .95 Sept
234 Jar
•AO .60 *1.40 .60
.35 .40 0.35 .50
.30 .30 0.35 .40
Mass
135
Consolidated
25
.25 Mar 16 .75 July 19 .40 May
114 Jar
.61 .61 0.65 .75 .a.65 75
.70 .70
.60 .60
.70 .70
305 Mayflower-Old Colony..... 25 .55 May 17
112 Jan 5 .50 Nov
3 Jar
40
40
4014 4014 40
4012 40
41
4012 4012 41
41
25 30 mar 30 43 Aug 9
588 Mohawk
25'2 June
41
Jar
22,
8 223* 22
221s 2214 2214 02218 2214 2218 2214 22/
1
4 22,
8
810
New
Cornelia
Copper
18 Star 25
5 1812May 19 24 Aug 9
•___
.30 _--- .30 °- - - Jar
.18 ..___
.20
.08 .08
500 New Dominion Copper
•, _ 21 0
.05 Jan 30 .20 June 10 .10 July .85 Fet
21
22
22
*18
22 ._ __ 22 .
------.. 2 _ 22
River
New
30
Company
25
Sept
100
Feb
24
22
4
25
56
Apr
055
31 Au!
56
58
59
60
60
6112 61
61
Preferred
469
al
60
40 June 65 Atu
100 45 July 13 72 Feb 11
.618 63* .61s 612 *Vs 018
512 6
3534 534
512 512
309 NipissIng Mines
3
344
778 Jan 27
5 July 8
31,,f4 314
5
43* July
6,
4 Jar
318 314
3
314 31
/4
318
314 312 4,205 North Butte Mining
378Sept _0 .89 June
15
2 Apr 13
1,
138 *al
8 '41
*al
378 NON
138 *al
138 *al
138 'at
134
011bway Mining
1 Apr 29 .15 Nov
25 .50 Jan 4
1712 •I7
1712 .17
*17
114
Jar
1712 17
1714
17
17
17
1714
800 Old Dominion Co
25 14 May 26 20 July 17
1634 Dec 27
•117s 12
1134 1104 .
1178 117s
Jar
1134 12
1134 1104
1134 1104
185 P'd Crk Pocahontas Co No par 10121%1+o 29 15 Jan 2
1012 June
1978 .19
20 .
•19
1914 20
187
8
Sent
*1912 1978
1912 1978 2012 21'2
450 Quincy
25 1512May 24 25 July 16
19 Apr 3912 Jar
2812 2812 28
28
28
28
2704 28
02734 28
2734 2812
535 St Mary's Mineral Land
25 2512Muy 25 3812 Feb 10
*5
6
534
*514
5
2812 Apr 48
5
Jar
434 434
_ ___0454 514
170 Seneca Mining
4348ept 29
Jan 4
93*
8.40 .60 0.40 ___, *.40 .110 0.40 .00
714 Nov
11 NON
.40 .40 .
1.40 .60
200 Shannon
10 .35 May 18 .80 Jan
.60 .60
.50 -50 *.40 .60 ..10 .60
112 Jar
.25 .40
.30 .50 2.000 Superior dr Boston Copper_ 10 .25 Sept 30 1'A Mar 5 .50 May
1 .70 May
612 678
2 Jar
678 7
638 678
0,18 634
6/
614 812 6,935 Utah-Apex Mining
1
4 6,
4
1134 Feb 5
6 Jan 6
5
112 2
2
214
178 24
378 Jan 84
7
Jar
1
134
178
178 *134
13.4
178
Utah Metal & Tunnel
1 .50 Jan 8 2% Star 13 .40 July .98
Jar
•.50 .65 .1..50 .65
.50 .50 0.45 .50 0.45 .50 •.45 .50 19,498 Victoria
75
25 .40 May 24 .75 Feb 23 .22 Nov
114 Jot
8.16 .25 0.16 .23
.20 .20 0.16 .23
.16 .16 •.16 .23
270 Winona
25 .10 Sept 13 .40 July 20 .10 Dec .48
Jar
25 .40 Feb 1 .45 Mar 22 .05 Anr .21
Fet
•Rid and asked Prices; no sales on thls day. a Assessment paid. 8 Ex-stock
dividend. I New stock.
Ex-dividend. y Ex-rIghts. II Ex-dividend and rights.
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange Sept. 25 to Oct. 1, both inclusive:
Friday
Last Week's Range Sales
at Prices.
Sale
lor
Price. Low. High. Week.
Bonds-
Range Since Jan. 1.
Low.
High.
6934 70
$4,000 65
Apr 74
Atl G & W SS L5s_ _ _1959
Central Pr & Lt Co 55_1956
96
3,000 96
July 96
96
Chic Jct Ry & U S Y 58_'40
101 101
2,000 99
Jan 102
E Mass St RR ser A 4;048
67
17,000 62
Mar 7034
67
Gen Public UM 645s_ _1956
98
98
1,000 9745 July 9834
Hood Rubber 75
1937 104% 10444 104% 6,800 10434 Jan 10631
99
KCM&B inc 55_ _ 1934
99
1,000 9744 June 9934
1,000 9834 June 100
Maus Gas 434s
99
99
1929
Jan 99
4458
1931 9845 9845 9835 3,000 96
1,000 003.4 Feb 10534
545s
1946
102 102
Miss River Power 55_ _1951
1.000 99
Mar 10234
1004/ 10051
PC Pocah Co 75 deb_ _1935
104 104
5,000 100
Mar 111
Richfield Oil Co 6s_ _ _1941
99
5.000 99
Sept 99
99
Stanley Crandall 68.. _ _1946
100 100
10.000 100
Sept 100
Swift & Co 55
1946 101
100% 101% 2,000 9931 June 10234
Western Tel & Tel 5s_ _1932 10044 10045 10044 5,000 9945 Mar 10134
Feb
July
Aug
June
June
June
June
Sept
June
Apr
July
Feb
Sept
Sept
Aug
Aug
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept. 25 to Oct. 1, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range !or
Week.
oi Prices.
Sale
Par. Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
5 10045 Jan 103
Aug
100 36
Jan 59
Jan
11,718 1834 Sept 2034 Sept
2,562 60
Mar 9434 Jan
65 9934 Apr 12534 Aug
117 10935 Apr 11334 June
50 38
Jan 4034 Sept
230 1334 May 29
Sept
356 73
Jan 9334 Aug
50 58
Mar 93
Sept
255 31
May 6234 July
50 3434 Jan 56
July
2,325 49
Sept 55
Oct
95 270
Sept 27134 Sept
435 49
Mar 6435 Jan
145
5
July
734 Jan
64 60
Jan 7835 Oct
230
144 July
445 Jan
1,960 9745 Mar 12034 Feb
15 8034 Apr 9345 July
3,335 25
Mar 3334 Jan
15 81
May 83
Aug
60 7034 Sept 91
Feb
16,330 4834 Mar 5635 Sept
75 71
Feb
Jan 91
70 4835 Apr 5034 July
25.869 4134 Apr 6734 Jan
3,603
334 Apr
934 Oct
390 51
Jan 5734 Feb
20 2734 May 4834 Feb
277 5634 Jan 65
Feb
140 11
Mar 1634 May
10
4% Jan 41
Aug
25 82
Apr 9941 July
10,540 1334 July 2534 Oct
95 89
Feb
Jan 101
9,611 55
May 9231 Sept
605
2in Apr
445 Jan
5,695
4
734 Feb
Sept
464 38
Jan 4334 Jan
8,309 8434 Mar 14434 Jan
20 31
July 3834 Mar
4,005 80
Mar 10634 Oct
415 42
July
Sept 48
503 49
Jan
Apr 56
16 3534 Sept 3834 Feb
Abbotts Al Dairy, pref.
_100
Alliance Insurance
10
Almar Stores
American Stores
Baldwin Locomotive_ _ _100
Bell Tel Co of Penn pref_ _
50
Cambria Iron
Congoleum Co Inc
*
Electric Storage Batt'y _100
General Asphalt
100
Giant Portland Cement_50
Preferred
50
Horn & Hard c t, N Y ___ _
Horn & Hard ut, Phila._ _ _
Insurance Co of N A-_10
Keystone Telephone----50
Keystone Watch Case____*
Lake Superior Corp.__ -100
Lehigh Navigation
50
Lehigh Valley
50
10
Lit Brothers
North Pennsylvania_ _ _ _50
Penn Cent L & P curn pf_•
Pennsylvania RR
50
Pennsylvania Salt Mfg_ _50
PhilCo(Pitts)pf(cum6%)50
Piffle Electric of Pa
25
Power receipts
25
Phila Rapid Transit__ _50
Phila & Read C & I Co_ *
Philadelphia Tmction_ _ _50
Phila & Western
50
Preferred
Reading Company
Shreve El Dorado Pipe L 25
Scott Paper Co pref _ _ _ _100
Stanley Cool America_ _ _•
Tono-Belmont Devel_ ---1
1
Tonopah Mining
50
Union Traction
50
United Gas Impt
*
US Dairy Prod "a"
Victor Talking Machine_ _1
West Jersey & Sea Shore_
Westmoreland Coal new_50
York Rys pref
50
103 103
4834 4834
19
1834 2034
7434
7444 73
122 12334
11134 11141 111%
40
40
2534 2634
8834 8934
8434 8434
60
59
55
55
5435 49
5534
271 27134
5245
5234 52
5
5
78
78
7834
2
2
111 112
111
8734 8745
2634 2835
8234 8234
7234 7145 7245
5434 5534
z 7614 78
50
50
5034 4941 5041
945
934 9%
55
5445 55
4334 4334
58%
5744 57
11% 1134
3634 3634 3634
9234 9234
25% 2134 2545
9834 99
89%
8734 85
21•16 31us
z4
554
39% 40
11234 11034 11331
32
31
102 10634
105
43
42
50
252
53
53
36
36
Bonds
Amer Gas& Elec 5s_ _ _2007
Conan'Trac N J lst 551932
Eiec & Peoples tr ctfs 45'45
Inter-State Rys coll 48 1943
Keystone Telep 1st 55_1935
Lehigh C&Nav gen 444s'24
Phila Elec trust ctf858.1951)
1956
1st 55
544s
1947
5455
1953
65
1941
1972
545s
Reading Jer Cent col 4s..'51
United Rys gold tr ctf 45'49
9234 98 $18,400
6145 62
10,000
61
38,100
59
5,000
5034 51
10,000
91
91
1,000
98
98
4,000
101 102
101
10341 102% 10434 7,300
10734 10734 4,000
10735 10734 2.000
10634 10634 10744 8,500
102% 10235 102% 12,000
2,000
103 103
27,300
62
59
98
6134
5934
8934
58
5734
50
91
9734
101
102
10334
10334
105
10034
103
57 •
Feb
Jan
Jan
June
Jan
Apr
Oct
Mar
Mar
Mar
July
Aug
Sept
June
101%
6945
6544
5634
93%
10041
10334
10445
108
108
108%
103
10444
65
May
Feb
Feb
Feb
Feb
May
Apr
June
June
June
Aug
May
Sept
Jan
* No par value. z Ex-d vtdend
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Sept. 25 to Oct. 1, both inclusive, compiled from official sales lists:
Stocks-
•30,68
Frtaay
Last Week's Range 'or
Week.
Of Prices.
Sale
Par. Price. Low. High Shares.
Arundel Corp new stk._ _ _•
Atlan Coast L.(Conn)-- _50
10
Autoline 011 pref
Baltimore Brick pref.__100
50
pref
Electric
Bali
Baltimore Trust Co-_ _50
*
Benesch (I), corn
25
Preferred
Ches &Po Tel of Balt pf 100
*
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas E L & Pow_ __*
100
6% preferred
100
645% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ _ 100
100
Continental Trust
Eastern Roll Mill new stk..*
Finance Co of America...25
25
Series B
Finance Service class A_10
10
Preferred
100
Hare & Chase pref
Houston Oil cow v t c_ _100
Manufacturers Finance_25
25
1st preferred
25
2d preferred
95
3434
10
112%
27
24
5234
106
110
112%
126
4344
3244
•
2034
3444 35
235 235
10
10
85
85
4745 4745
12841 130
40
40
27
27
11234 11434
27
2734
23
2334
2334 24
5245 54
106 106
109% 110
112 112%
126 12641
4334
38
236 240
32% 3235
83.4 834
8% 8%
1734 18
10
10
9454 95
8244 84
46
46
2034 2034
2034 2045
21
21
365
10
100
20
18
78
85
14
17
87
138
77
103
3
19
186
42
855
50
110
50
26
739
172
20
74
4
30
121
15
(Vol,. 123
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low.
High. Shares.
Range Since Jan. 1.
Low.
28% Mar
190
Mar
10
May
83 Sept
45
Jan
120
Apr
27
Sept
26% Jan
11034 Jan
26
May
23
Sept
2341 Sept
45
Jan
102
Jan
10834 Mar
109 . Mar
124
Jan
36
Mar
233
Aug
30 June
845 Sept
844 Sept
17% Sept
Aug
9
8544 Aug
81
Mar
46
Sept
2034 June
1934 Aug
20
Mar
High.
36
26245
10
88
4734
154
40
27
116
4634
2634
2745
5745
107%
11134
11334
12834
53
252
48
12
2134
2154
1034
96
89
6844
23
2434
23
Jan
Jan
May
June
Aug
Feb
Jan
Jan
June
Jan
Jan
Jan
Feb
July
Aug
Sept
Feb
Feb
Feb
Feb
Jan
Feb
Jan
Feb
Sept
Jan
Feb
Jan
Feb
Jan
Maryland Casualty Co_ _25 96
Md Mortgage Co corn....* 23
Mercantile Trust Co_ ___50 405
Merch & Miners, new_ ---•
Monon Vail Trac pref_ _ _25 2234
Mtge & Accpt rec of Dep B
Receipts of Dep C
Receipts of Dep A
Mt V-Woodb Mills v t r 100 1634
Preferred v t r
100
New Amsterd'm Cas Co_10 5034
Northern Central
50
Penna Water & Power_100 167
Public Service Bldg pref100
Roland Park Homeland
100
First preferred
*
Silica Gel Corp
Standard Gas Equip_ _100
United Ry & Electric_ _50
US Fidelity & Guar__ _50
Wash Bait & Annan pf_ _50
West Md Diary pref. ___50 5335
Range Since Jan. 1.
High.
Low.
96
96
23
23
405 405
45
45
2234 23
1
1
1
1
3645 3634
16
1634
6834 7034
5034 51
8041 8034
164 167
104% 104%
85 94
7 19
5 402
435 4134
10 20
122
1
1,024
1
263 36
551
944
539 6234
439 49
37 7834
44 141
50 10234
99
99
1534 16
99
99
1835 1834
215 222%
16
16
52
54
15 99
180 1541
50 9544
190 17
122 187
20 16
197 52
May
Feb
Apr
Apr
Apr
Sept
Sept
Aug
May
June
Mar
Jan
May
Feb
102
24
405
47
2341
1
1
3634
17
83
5634
82
171
104%
Jan
July
July
Sept
Sept
Sept
Sept
Sept
Sept
Apr
Jan
June
Jan
Sept
Sept
Apr 99
Jah
Sept 22
Aug 10034 Mar
Jan 1934 Mar
Sept
Mar 225
Sept 2534 Jan
Sept 5435 Jan
Bonds-
Consol G,EL&P pf 55_1965 10145 101% 10135 $3.000
10745 107% 6,000
6% notes, Ser A _ _ _1949
9134 9145 5.000
Consol Coal ref 434s..1934
Elkhorn Coal Corp 6455'32
9945 9945 3,000
Fairmont Coal 55
1931
9745 9754 1,000
101 101
Ga Sou & Florida 55..1945
1,000
100
Gibson Island 65
100 100
1,000
1935 10054 10034 10034 5,000
Houston 0116345
Md Electric Ry 1st 58_1931
9534 9554 3,000
645s
1952 96% 9634 9634 3,000
Norfolk & AR Term 5s 1929
9934 9945 4,000
102 102
Titusville Ir Wks 1st 78.'29
1.000
United Ry & E 4s_ _ _ _1949 6954 6945 70
20,000
1949 4945 4935 4934 14,000
Income 48
1936
72
Funding 55
72
3,500
6s, when issued_ 1949
9654 9634 6,000
Wash Bait & Annap 55 1941 6334 6341 6334 1,000
Wli Ar IlAraldnn ca
10C111
1112 W MIA
loon
9145
9834
93
100
100
9134
9434
9134
9935
100
69
48
6745
9154
62
Jan
Jan
Aug
June
May
Jan
Oct
Apr
Jan
Apr
May
Jan
Mar
Mar
Jan
Jan
July
10234
10734
98
100
99%
101
100
100%
9734
9734
9945
102
7134
51
7545
9754
73%
bite
Tan
MR IA
10031
105%
May
Aug
Feb
Apr
Feb
Aug
Oct
Oct
Mar
Mar
May
Sept
Mar
Aug
Sept
Aug
Feb
Ivr..,
•No par value.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept. 25 to Oct. 1, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
or
Last Week's Range
Sale
ofPrices.
Week.
Par. Price. Low. High. Shgres
Adams Royalty Co com--*
All America Radio cl A..5
Am Fur M Bldg Corp pf 100
American Pub Serv pref 100
Am Pub Util Co par pfd 100
Amer States Secur Corp A *
*
Class B
Warrants
Armour & Co(Del) pref 100
100
Armour dz Co pref
Common cl A v t 0-25
Common Cl B v t c..25
Assoc. Investment Co_ _ _.•
Auburn Auto Co coin..25
Balaban & Katz v t c_ _ _25
100
Preferred
Beaver Board v t c B....
10
Bendix Corp cl A
10
Borg & Beck corn
Brach & SOn13(E J) com__•
20
Butler Bros
Central Hi Pub Serv pref..*
Central Ind Power pref_100
Central Pub Serv Del_ _ _ -•
Central SW 7% pref_...*
*
Prior lien pref
Warrants
Chic City & Con Ry pf sh *
•
Preferred
Chicago Fuse Mfg Co_
•
Chic N S & Milw com_ _100
100
Prior lien pref
Chicago Title & Trust_ -100
Commonwealth Edison_100
Consumers Co new
5
Trust certificates
100
Preferred
•
Continental Motors
25
Crane Co
100
Preferred
Crown(Wm)Pap let pfd..•
Cudahy Packing Co_ _100
50
Cueno Press A
Decker (alf) & Cohn, Inc.*
100
Diamond Match
El Household Util Corp_10
*
Elea Reserch Lab
Empire G & F8% pref_100
Evans& Co,Ine, el A-._ _5
Class "B"
5
•
Fair Co(The)
100
Preferred
Fitz Simons & Connell
Dock & Dredge Co
*
Godchaux Sugar
*
Gossard Co(H NV)
Great Lakes D & D_ _ _ _100
Grief Bros Coop'ge A corn*
Hibbard, Spencer, Bart25
lett & Co
10
Hupp Motor
25
Illinois Brick
Illinois Nor Utilities pf_100
*
Jaeger Machine Co
Kellogg Switchboard newl0
100
Preferred
Ky Hydro-Elec pref.. _ _100
25
Kraft Cheese Co
Kup'heimer & Co(B) Inc_5
100
Preferred
La Salle Ext Univ (II1) _ _10
Libby,MeN&Libby,new.10
10
Lindsay Light
McCord Radiator Mfg A_*
*
McQuay-Norris Mfg
25
Merch & Mfrs, pref
100
Prior preferred
Middle West Utilities_ _•
100
Preferred
Prior lien preferred_ _100
Midland Steel Products..•
Midland Util, prior lien.100
100
• Preferred A
Morgan Lithograph Co-_*
Nat Carbon, pref, new_100
Sc,., v.." s......-A. A A*1
*
1434
9734
83
3%
334
41
93%
8634
16
9%
37
6144
6434
38
54
2854
90
8944
1645
93
22
4144
600
7
11
50
9834
14
1841
3034
2714
2535
5654
91
98
9335
62
9
945
1734
36
11535
10634
116
4535
100
97
6344
22
Low.
24
145 24
Sept
2434
1445 15
225
Apr
9
715 94
Sept
9654 9734
97
90 92
May
9734
83
83
100 82
Jan
354 3% 4,800
134 May
331 334 1,400
1
Mar
35 May
%
14 2,050
9354 9445
155 90
Aug
86
483 7945 May
8634
16
320 13
May
1634
934 934
36
535 May
37
37%
290 30
Aug
5614 6141 9,165 4045 Mar
62
6545 1,777 62
Sept
10 98
July
9834 9845
5
5
30
3 June
3345 3844 17,600 2534 Mar
4834 55
26,800 28
Jan
3034 3034
675 2734 May
2834 28% 1,245 2834 Oct
88% 91
250 87
May
89
135 85
July
8934
16
1645
790 12
Apr
92
93
727 8935 Mar
98
99
1,325 93 June
805 1035 Jan
2134 23
80
44 May
X
41
445 434
100. 234 Aug
40 30 June
3044 3044
175 37
41%
May
41
Aug
496 99
9945 100
15 545
Apr
600 600
701 13534 Aug
138 138%
7
7% 1,775
545 Aug
745 7% 1,000
734 Sept
40 70
85
Sept
75
11
11
350
944 May
178 4834 Sept
49
50
70 11334 Mar
11644 117
9845 9845
346 9754 Mar
10 80
Apr
106 106
4934 4944
150 4534 July
150 30 June
30
30
116 117
330 116
Mar
13
14
430 13
Sept
435
835 July
17% 1934
50 96
98
98
Apr
May
2934 3034 4,035 25
875 2634 Aug
2744 28
160 27
28
28
May
50 10435 May
105 105
28
344
3644 36
14634 143
3941 3941
28
Range Since Jan. 1.
29
334
37
148
3934
245 26
25
%
800 31%
295 122
200 36
High.
3744 Feb
Jan
19
9734 Sept
99
July
Feb
91
834 Feb
534 Feb
1 June
Mar
98
9234 Mar
2534 Feb
17
Feb
3734 Mar
7234 Mar
7634 June
103
Feb
545 Aug
3834 Oct
55
Sept
3734 Feb
30
July
91
Jan
93
Jan
1644 July
9634 July
100
Feb
2534 July
X Jan
7
Jan
35
Jan
6144 Feb
101
Mar
600
Oct
145 June
10% Feb
7% Sept
93
Feb
1334 Jan
60
Jan
11734 Jan
10035 Jan
109% Sept
50
Feb
32 June
12944 Feb
25
Jan
3254 Jan
98
Sept
32 • Sept
29
Sept
3344 Jan
109
Feb
Jan 32
May
7
Mar 39
Mar 171
May 43
Jun
Feb
Jan
Jan
Aug
7514 7531
25 70
Apr 7944 Apr
2534 2534
220 19
Mar 2844 Jan
51% 57
25,900 37
Sept
Jan 57
91
91
82 90
Mar
May 92
2534 27
445 2434 May 2945 Feb
192 1345 Aug 17 June
1434 15
9644 98
89 96
Aug 102 June
9345 9345
118 9134 June 9534 Aug
60
63
May 9045 Jan
2,885 55
36
36
23 2954 Jan 36
Sept
10245 10245
52 10034 Mar 102% Sept
741 9
1,592
7
Sept 1435 Jan
845 944 4,040
734 Mar 1044 Sept
145 1%
40
334 Feb
134 July
39
39
10 36
May 4934 Sept
1745 1734
70 1534 June 1934 Feb
3534 36
1,525 34
May 3645 May
9934 9934
250 9845 Sent 9945 Sent
115 11845 5,520 108
May 13434 Jan
105% 108
1,130 9735 Jan 11145 Feb
11634 116
430 1063-4 Jan 123% Feb
45
4534
Mar 4934 Feb
60 41
100 100
175 98
June
Mar 104
97
97
114 96
Jan 9935 June
63
65
Feb
5,405 4235 Mar 65
125 12544
Feb 128
Apr
75 125
22
2244
nn
tote Mar
nets' nth?
OCT. 2 1926.]
National Leather
10
National Standard
*
North American Car com •
Nor West Util pr In pref 100
100
7% preferred
Novadel, preferred
•
Omnibus vot tr Ws WI a_•
Penn Gas & Elec w 1
•
Pick, Barth & Co, prof A_•
Pines Winterfront A
5
Pub Serv of Nor Ill
•
Preferred
100
100
7% preferred
*
Quaker Oats Co
100
Preferred
•
Q R S Music, com
Real Silk Hosiery Mills_ _10
10
Reo Motor
Sears. Roebuck & Co.._ *
Stewart-Warner Speedom "
100
Swift & Company
Swift International
15
Thompson (J R)
25
Union Carbide & Carbon.*
United Biscuit class A_ •
United Iron Works v t c _50
United Lt & Pr A w 1 new_*
B w 1 new
•
Preferred Cl Awl a__ --•
Preferred el B WI a_ ...._*
United Paper Board _._ 100
U S Gypsum
20
Univ Theatres Cone cl A_5
Vesta Battery Crop.-__10
Wahl Co
•
Ward (Mont) & Co
10
Preferred
100
Williams 011 0 Mat corn.*
Wolverine Portland Cem 10
Wrigley Jr
"
Yates Machine part pfd.*
Yellow Tr & Coa Mfg B _10
Yellow Cab Co Inc(Chic) *
BondsChicago City Ry 5s_ _1927
Chic City & Con Rys 5s'27
Chicago Railways 5s....1927
4s, Series B
1927
Commonw Edison 58.1943
, 1st M 434s ser C-1956
HousGGCosfg 64131931
Northwestern Elev 55_1941
Pub Seim 1st ref g 55_1956
Swift & Co 1st s f g 58_1944
24
324
97
26
204
214
13214
27
50
6514
115
204
4854
94
8734
53
1814
156
24
834
1654
52
314
354
454
53
Range Since Jan. 1.
Low.
High.
24 211
414 Jan
24 May
800
30% 324 11,295 26
May 32
Sept
Mar 32
Jan
275 26
284 29%
Jan 99
Jan
96
97
170 93
95
97
75 914 May 9731 Aug
26
Sept 28
June
2634
200 26
144 144
225 144 Sept 21% Feb
204 204
Feb
450 194 June 24
May 23
2014 21%
Aug
750 19
425 334 Mar 604 Aug
5514 5614
132 132%
94 128% Apr 140 'June
101 102
July
176 1004 Jan 106
11434 11434
Jan 116% Mar
23 112
Aug
174 175
Jan 185
75 128
Feb 1084 July
10 105
10634 10634
27
Aug
230 254 Aug 29
2714
4914 50% 4,225 314 June 5814 Jan
20
2031
475 1754 June 2514 Jan
25 554 Sept 554 Sept
554 5534
Jan
6114 66
8,700 614 Sept 93
11414 11534
Apr 117
670 110
Feb
2034 2014 4,806 1431 Apr 2254 Jan
Apr 5034 Sept
4734 49
2,700 42
9414 Oct
90
9414 2,085 7234 Jan
Mar 584 Jan
41
385 38
40
24 34
4 Mar
275
3% Sept
134 1334
Feb
30 134 Sept .26
18
Apr 31
Mar
1834
100 15
May
220 8151 Mar 92
874 88
52
54
730 425( Apr 54
Sept
1814 1834
120 184 Sept 38
Mar
15234 157
Mar 171
July
1,315 125
Apr
3
100
8
8
8
Sept
214 25
84 Aug 25
2,155
Jan
84 8%
714 June 144 Feb
480
654 6514
25 5851 Mar 8111 Jan
112 11214
Sept117
215 112
Jan
164 174 3,100 1434 May 234 Feb
50
Aug
5
914 Jan
OH 634
5111 5214 1,600 49
Apr 5514 Jan
304. 3114 12,830 26
Mar 32
Feb
May 3934 Sept
324 364 11,450 21
825 4234 Mar 5011 Feb
454 46
Mar 8174
$3,000 67
78
78
514 53
28,000 444 July 56%
Apr 82
78
1.000 67
78
July 46
43
5,000 29
43
1034 1034 5,000 10014 Mar 105
944 9411 1.000 944 Sept 9431
Sept 99
6.000. 95
96
96
Jan 85
3,000 80
85
85
9934 9914 2,000 9714 Jan 9914
10034 1004 10,500 9974 Jan 101
Sept
Jan
Jan
Sept
July
Sept
Feb
Sept
Sept
Sept
•No par value.
Cincinnati Stock Exchange.-Record of transactions at
Cincinnati Stock Exchange Sept. 25 to Oct. 1, both inclusive, compiled from official lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Stocks-
Am Laundry Mach com.25
Amer Rolling Mill com _ _25
Preferred
100
Amer Thermos corn
Buckeye Inc
100
Champ Coated Pap pf 100
Champ Fibre prof
100
Churngold Corporation...t
City Ice & Fuel
•
Cooper Corp (new)_._ -100
Eagle-Picher Lead coin _ _20
Early & Daniel corn
•
Formica Insulation
•
Giant Tire
•
Gallaher Drug pref
20
Gibson Art corn
•
Preferred
100
Globe Wernicke pref._ _100
Hatfield-Reliance corn_ •
Kodel Radio pref
20
Kroger com
10
Paragon Refining com _ _25
Procter dr Gamble com__20
6% preferred
100
Prod preferred
Pure 0116% prof
100
8% preferred
100
Richardson corn
100
Thermos preferred
U S Can pref
100
U S Playing Card
20
US Print & Litho com _100
Preferred
100
U S Shoe com
•
Preferred
100
Whitaker Paper corn
*
Western Paper
100
Public UtilitiesCincinnati & Sub Tel_..50
Cincln Gas & Elec
100
C N dr C Lt dr Tree pf _100
Ohio Bell Tel pref
100
TractionsCincinnati Street Ry _ _._50
o par value.
114
1124 1144
4714 47
48
11034 110 11034
12
40
38
404
110
110 110
10134 101 10114
51
51
223i 22%
70
70
70
304 3014 3031
102 103
23
233.4
35
344 35
21
21
40
394 41
11714 11734
93
93
15
15
2054 2034
13114 1314
74
711 74
158
152 158
1104 1104 11014
254 254
954 954 9514
110 110
131 131
39
35
39
log 103 1034
152 1524
87
87
8734
98
9814
74 74
45
44
45
52
50
52
28
2834
1131
89
90
89
894
683.4
10914 1094
35
89
904
6711
1094
344 35
709
950
85
110
985
25
117
10
197
2
621
3
52
380
5
460
20
13
20
100
368
124
551
140
100
143
7
3
68
10
22
254
10
261
265
222
151
Range sow Jan. 1.
Low.
High.
Mar
108
474 Sept
May
108
1334 May
Jan
30
Jan
109
Sept
101
494 Aug
May
23
654 July
264 May
July
93
2054 Apr
2334 Jan
Sept
21
364 Feb
Jan
115
Apr
88
144 Apr
204 May
10434 May
614 May
1394 Jan
1084 Apr
2414 Apr
854 Jan
1054 Jan
Sept
131
3431 Sept
99
Mar
137
Apr
8831 Jan
91
July
534 May
44
Sept
43 June
2734 Apr
14714 Jan
57
Feb
111
Sept
204 Mar
39
July
111
Mar
106
June
70
Feb
254 Jan
80
Mar
36
July
103
Sept
27
Jan
39
Jan
21
Sept
40
Apr
1174 Oct
99 June
1834 Jan
214 Jan
1354 Apr
9
Jan
164
July
1144 Apr
274 Feb
98
Sept
111
Aug
131
Jan
40 May
104
Feb
155
Jan
95
Feb
100
Feb
814 Jan
564 Jan
56
Jan
314 Jan
256 81
287 88
49 63
220 109
588
Apr 8914
Mar 95
Apr 7014
Jan 115
344 Mar
35
July
Mar
June
July
Mai
Pittsburgh and St. Louis Stock Exchanges.-For
week's record of transactions on the Pittsburgh and this
St.
Louis Stock Exchanges see page 1728
New York Curb Market.-Below is a record of
transactions in the New York Curb Market from Sept.24the
to
Oct. 1, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association On June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Week Ended
Stocks-
1751
THE CHRONICLE
r riaay
Jale3
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High Shares.
Friday
Sales
Last Week's Range for
Sale.
of Prices.
Week.
Par. Price. Low. High. Shares.
Oct. 1.
Indus. & Miscellaneous.
Aetna Life Insur Co_ _ _100
600 600
Ala Great South,com__-50 126% 1264 127
Preferred
50
127 127
Allied-Packers, prior pf _100
2114 2214
Range Since Jan. 1.
Low.
2 600
130 95
160 94%
225
94
High.
Sept 635
Mar 180%
Mar 134
May 29
Sept
Feb
Aug
Jan
Sales
r'rtuag
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price Low. High. Shares.
Alpha Portland Cement___
Aluminum Co. coin
.1
Aluminum Mfrs, com
•
American Arch Co
100
American Cigar. corn 100
Amer Cyanamid cl B_ _20
Preferred
100
Amer Electric Corp,el A.25
Amer Electric* Corp v t c*,
corn...*:
Amer Gas & Elec,
Preferred
•,
Hardware Corp_ _100
AmerH
American Hawaiian SS 10
American Insurance Co..5
Amer Lt & Trac, com_ _100
red
itigraph, coin _ 100
Am
PerrefAefu
*
73
88
23
8%
10634
95%
88
214
Amer Pow dr Lt. pref.. __100 9734
American Rayon Products*
Amer Road Machine__ _100
314
Amer Rolling Mill com__25
Preferred
100
Am Seating (new corp) vtc• 37
Convertible preferred_ •
Amer Superpow Corp, A_* 3034
referre4
pB
• 31
Prior
25
First preferred
•
American Thread, pref___5
Arizona Power common 100 204
Assoc Gas & Eiec, claim A.* 344
Atlantic Fruit & Sugar_-•
14
Atlas Portland Cment__ •
Auburn Automobile,com25 62
Balaban & Katz corn v t c25 66
Bancitaly Corp
25
Bendix Corp el A com__10 384
Blackstone V G&E.corn _SO 1004
Bliss(E W)& Co
• 25
Blyn Shoes Inc com
554
10
Borden Company
50 9434
ecik
re
eyBF
rrgi
ad &
Bo
Fireproof Prod_1
57c
1_0 55
Bridgeport Machine. coin •
Brill Corp (new), class A..• 42
* 17
o Mfg Co corn
BrI
CIllasgB
•
Belt-Amer Tob ord bear_ Et
Brockway Mot Trk, coin_• 4334
Brooklyn City RR
6%
10
Bucyrus Co com
100
BuffNiag& EastPow,com •
25 24%
es. Inc, coin
Burd
Preifnerred
2
1814
3
Butler ros
Celluloid Co. corn
100
2*
Celotex Co, corn
• 180
Preferred 7%
100 91
Central Aguirre Sugar__50 84
Cent States El 8% pf _ _100 92
Centrifugal Pipe Corp,,.' 20
Chic Nipple Mfg,class A.50 444
Class 13
50
Childs Co pref
100
Cities Service, coin
20 454
Preferred
Hy) 8934
Preferred B
7%
10
Preferred BB
100
Bankers' shares
;0;1
Colombian Syndicate
211
Columbia Gas & El(new co) .....,
Common
Preferredbw
w
p.
1
iwer Corp
CoPr
me.
1®
- 98814i
Common
• 42
Preferred
100 8954
ants
• 66
arra
l Dairy
Dnatig
nso
CoW
•
Con Gas, E L&P Bait com• 53
Consol Laundries
•
andta
rr
tordoubeac
ntlinen
tsco
co
Cope
, i_nc_1
• 19%
Class A with warrants •
Cuban Tobacco v t c
•
Cuneo Press class A....50
Curtiss Aeropl & M,com_•
134
rrued
t 1eP
Cupris
blishing, corn..,'
re
°
errtd
Radio Corp
reofres
*,
De
PF
Dinkier Hotel Co1
Class I with porch warr•
Dixon (Jos) Crucible_ _100
Doehler Die-Casting
*
Draper Corp new
100
Dresdner Bank Amer abs..
Dubiller Cond & Radio...*
Dunhill International_ _ _ _•
duPont deN&Co new corn •
Durant Motors, Inc
•
Eitingon-Schild Co com •
Elec Bond & Share pref_100
Elea Bond & Share Secur.*
Elec Invest without warr_•
Elea Ry Securities
*
Empire Pow Corp part ing•
Erie Steam Shovel
Ester-Werm Corp class A_ 5
1.
5
Range Since Jan. 1.
Low.
37
100 37 Sept
37
7114 75
1,200 114% Jan
31
100 31
Sent
31
25 1061( Aug
112 112
20 110
Feb
133 1334
36
100 33
Aug
36
50 864 Sept
864 88
1,600 20
23
22
July
64 Sept
300
814 84
Mar
11,300 64
105 110
300 994 Apr
95% 95%
88
10 83
88
Aug
8
2,200
711 July
8
Sept
200 22
2274 23
213 216
Mar
400 195
150 105
1084 10834
Mar
400 1914 Apr
19% 20
290 92
Apr
98
97
1434 154 2,400 11
July
3
200
334 334
May
210 4511 July
4634 4734
10934 10914
10 106
Jan
3634 3714 2,100 3214 July
374 3814 2,200 374 July
304 3134 1,200 1934 Mar
324 8,100 214 Mar
31
2634 1,100 23
26
Mar
600 93
95
954
May
200
33.4 314
334 Aug
25 20
June
204 204
361
4 2,400 2514 Mar
34
Jan
134 14 2,000 89c
424
600 42
42
Sept
62
500 414 Mar
58
450 63
67
Sept
61
200 78% June
80
80
1,200 33% Sept
3334 384
600 904 Apr
1004 10034
1,900 164 May
25
22
800
34 Aug
3% 54
900 91% Mar
944 95%
1,000 30% Feb
1,900 50e May
51e 57c
55
55
400
6
Sent
64
6
12,400 313.4 Sept
313.4 42
2,500 13
17
Sept
13
64 Apr
100
74 74
f2154 July
20
23
23
200 2414 Apr
424 43
1,100
611 Sep
634 7
150 179
Jan
230 235
900 2334 Jul
30
3014
- 200 24
2434 25
Fe
100 15
15
Sept
15
100 28% Oct
2
184
3%
2
181
3
300 15
Feb
475 117 June
180 182
1,000 88 June
92
90
700 764 July
824 84
30 90
92
92
Jan
1,900 154 May
1854 20
34
300 42
144
4
34
14 4
Feb
300 25% Apr
150 114
115 11634
Apr
4434 454 14,600 37% Feb
8934 8914 1,500 82% Apr
400
74 Feb
734 7%
300 74
Mar
200 19
;;t1
i ;04
Jan
214 214 6.700
2
Mar
1,800
1,100
80
98
81
99%
4114
8934
66
2
5214
21%
19%
4351 24,300
900
90
2,050
74
200
2%
5314 2,200
1,500
22
300
194
134 1534
46
46
31
31
174 20%
82
84
190 19634
11331 113%
414 53,4
204 2034
141% 1414
18% 17% 18%
65% 6514 6614
135% 134 13534
434 5
4%
19
19
17734 165% 177%
1314 13
144
334 3311 3334
108 10834
108
7034 6934 7231
41% 4134 4434
54
534 554
26% 26% 2711
2514 24
2514
344 324 34%
11% 104 11%
434 414
1444 1404 145
2734 274 28
3031 304
914 914
9;4
1214. 124
38
38
8% 9
97
97
97
10214 1024
425 491
438
1634 17
laslaMotors
B
geo
FaC
Co com 10
Fajardo Sugar
FannyFarmerCandyShopeln
Federal Porch Corp Cl A__
Federal Purchasing Corp B
Federated Metals
•
Feltman & Cur e Shoe cl A
Film Inspection Machine-•
Firestone T & R7% pf _100
6% preferred
Ford Motor Co of Can,100
Forhan Co, class A
•
abC
aroe3class A...
FoundationForeign
1734 16% 17%
Fox Theatres. cl A, corn,.' 274 26% 27%
Franklin(HH) Mfg, pf 100
82
82
Freed-Eisemann Radio...'
74 714
734
Freshman (Chas) Co
• 3314 32% 37%
24
Galv-Hous El Co com__100
24
6
614
CorP•
General
armli
ner Baking, class A.--• 5614 5534 564
B• 654
614 7
Ciameral Elec (Germany)., 38% 381( 384
Gen
Common stock receipts.. 3734 3734 374
56
58
Gen Fireproofing com _ _ • 56
40
41
General Ice Cream Corp_ ..*
12
12
General Pub Service corn.*
58
58
Giant Portland Cement_50
95%
Gillette Safety Razor....•, 97
97%
124
Glessonite Products--10
13
2
4
1 12
.
.1801
134 13%
C G spring & Bump
178 182
Glen Alden Coal
78
92
29
82
304
2
444
21
1134
600 1234
100 46
100 31
4,100 154
200 7534
500 190
110 113
1,700 510
200
10
3,800
1,100
100
2,700
100
70,700
21,000
600
764
14,800
10,500
800
800
24,100
19.800
3.000
2,800
370
1,200
400
1,500
400
100
600
300
30
120
2,300
1954
130
114
654
101
414
18
149
334
25
104%
564
304
44
21
22
24
64
334
1244
1934
30
94
12
38
314
964
1024
440
134
Aug
Aug
High.
454 July
711
Feb
Sept
31
13211 Feb
Aug
137
Feb
47
Feb
96
2434 Feb
114 Feb
11014 SePt
9634 'July
9214 Sept
114 Jan
234 Sept
Jan
264
1154 Jan
2314 Feb
99
Aug
35% Jan
411 Jan
5911 Feb
109% Aug
38% SePt
404 June
374 Jan
Jan
39
26% Sept
954 Sept
4
Jan
3914 Jan
38% Aug
254 Feb
55% Mar
Mar
73
7614 June
81% Sept
384 Sept
118% Jan
254 Sept
614 Feb
110
Jan
Oor,
55
14 Jan
1534 Jan
574 Jan
Jan
33
9% June
31% June
4334 Oct
94 Feb
Feb
335
38% Jan
31% July
21% Jan
Apr
30
Apr
26
205
Aug
974 Aug
Feb
95
Feb
99
Jan
27
444 Aug
314 Sept
1194 Jan
44% Sept
8954 Sept
8
Aug
x7914 Aug
22% Oct
. 3% Jan
Aug
85
994 Sept
43%
90
76
534
58
2334
2074
Sept
Sent
Feb
Jan
Feb
Feb
Sept
OCt 2734
Sept64
Sept504
May 2334
June 8914
Sept 203
Sept 1154
June 104
Jan
Jan
Feb
Jan
Feb
Sept
Sept
Jan
Mar
Mar
Mar
Sept
Jan
Aug
May
May 254 Jan
Mar 159 _ Jan
May 1834 Sept
Sept 6614 Sept
May 13514 Oct
Apr 11
Jan
May 2634 Jan
Aug 17751 Oct
May
147.4 Sept
Sept 374 Jan
Jan 110
JIIIY
Mar 36
Jan
Mar 7434 Jan
Jan
Jan
10
May 32
Feb
Sept 264 Sent
Jan 3454 Oct
Sept 1154 Sent
July 1014 Jan
Feb
Apr 169
Sept28 Sent
May 3314 June
Sept 134 June
Jan
June 22
Sept3934 June
May 1011 Sept
Jan
Aug 100
Sept 1024 Sept
Mar
Apr 655
Mar 20
Jan
2,200 15
May 55
27,900 1934 Mar 3414
25 7811 Jun
90
400
34 Mar
9%
61,100 1734 Jan 374
100 14
May 24
800
214 Feb
8
4,200 444 Apr 7934
10,600
534 Mar 174
100 2214 Mar 39
100 2814 July 38%
200 40
Mar 584
200 40
Sept 56%
100 12
Sept 16%
25 47 .Mar 63
13,000 89
Mar 116
2,500
5
Apr 124
600 12
May . 15%
2,500 138)4 Jan 184
Jan
Jan
July
Aug
Sept
Feb
Aug
Jan
Jan
Sept
Aug
Aug
Jan
Feb
Sept
Feb
Sept
July
Sept
I2
fvoL. 123.
THE CHRONICLE
Friday
Sales
Last Week's Range for
of Prices.
Sole
Week.
Stocks (Continued) Par Price. Low
High. Shares.
Range Since Jan. 1.
Low.
High.
Friday
Sates
Last Week's Range for
ofPricer.
Sale
Week.
Stocks (Continued) Par Price. Low, High. Shares.
Range Since Jan. 1.
Low.
I
High.
10
39% 393£
Glen Falls Ins Co
25 x39
Sept 394 Sept So thwest Bell Tel pf _ _100
113% 114%
40 111% Jan 116
July
Goodyear T & R com._100 32% 31% 33% 5,200 28
Mar Standard Motor Constr 100
May 50
134
134
134
400
234 Mar
Septl
69
Grand(F&W)5-10-254 St *
67
Jan Stand Pr & Lt class A...25
400 50
Mar 85
19% 19%
300 1734 May 24
Feb
2% 2%
Grimes Had & Cam Rec..'
234
400
Jan Stand Publishing class A 25
14 Apr
7
634 6%
631
800
634 Sept 1944 June
Habirshaw Cable & Wire *
12
12
100 10% Apr 15
Jan Standard Screw corn_ _100
109% 109%
25 10234 July 110
Sept
Happiness Candy St cl A.•
634 6%
634
900
6
83£ Jan Stand Textile Prod corn 100 16
July
14
16
300 10
Apr
16
Oct
•
Founders shares
6%
6
6
200
7% Jan
Preferred B
5% June
100
25
25
25 2634 Jan 2934 Feb
464 488
Hartford Fire Insur Co.100 467
30 464
Sept Stroock (5) & Co, Inc_
Sept 498
46% 4734
•
600 39
Apr 4734 Sept
Hazeltine Corporation_ • 17
16% 17
700
894 Apr 21% July Stutz Motor Car
20
* 20
2034 1,500 1954 Mar 3754 Jan
Hellman (Richard) CoSwift. & Co
11434 115
100
100 110
Apr 11634 Feb
3034 31
Panic pref with warr'ts *
300 30
Mar 36% Feb Swift International
15 2014 20% 20% 1,400 1434 May, 224 Jan
22% 23
Hires(Chas) Co cl A corn •
Jan Tampa Electric Co
900 22% July 26
•
50% 50%
200 48 June 67
May
333 338
Home Insurance Co_ _100 338
30 333
Sept Thompson(RE)Radio vtc •
Sept 347
1
1%
1
400 60c July
531 Jan
58% 58%
*
Hood Rubber Co Corn.
25 52
Aug 68% Jan Timken-Detroit A xle_ _10 1294
1234 12%
1,900
Mar 133-4 Aug
874
49
1,200 41
55
• 55
Horn & Hardart
Mar 62% Jan Tobacco Prod Exports...*
334 33-4
334
1.700
434 Jan
334 Oct
28
28
Imp Tobacco of 0 13 & L £1
200 24
Feb 28% June Todd Shipyards Corp._..•
3834 38%
100 29
Jan 4034 Sept
6% 7
6%
Industrial Rayon. class A.•
2,600
6% Sept
19% Jan Trans-Lux Day Pict Screen
95
95
•
9
Internat Silver common...
150 90
July 108
Feb
Class A common
834 9% 10,700
Jan
654 June 14
30
International Util. class A • 33
33
1,300 25 Sept
Jan Travelers Insurance_ - -100 1187 1165 1193
39
49 1185
Sept 1243
Sent
4% 5% 9,800
534
•
Class 13
3% Sept
z., 11%
1034 11%
934 Jan
900
.5% .1.tt
134 Feb
145 148%
Johns-Manville, Inc
250 130
•
July Tublze Artif Silk class B • 176
Mar 165
175 17.6
120 181
Apr 240
Jan
15%
14
Keiner-1)illiams Stamp_ •
300 14
1834 Jan Tulip Cup Corp corn
12% 12%
Sept
•
100 12% May
154 Mar
170. 22c
Keystone Solether
10
2.000 100
Apr 75c July Tung 801 Lamp Wks,Corn •
9% 9%
934
400
754 Mar 1054 Jan
60
62
1,000 54% May 8834 Jan
Kraft Cheese
25
Class A
• 1934 1934 19%
700 1734 May 193.4 Sept
21
21
Land Co of Florida
300 20% Sept 47% Jan United Artists Theatre Co
•
Landover Holding Corp100 100
Allot etis for corn & pf stk
1,500 100
June 101
June
9
9
300
Class A stamped
9% Apr United Biscuit class A _ _ _ _
Apr
40
8
40
40
300 40
Sept 4434 July
200 103
Lehigh Coal & Nov
50 110% 11034 110%
Mar 120% Feb
Class B
931
93-4 974
600
Sept 1734 June
9
Lehigh,Power S'auritiesUnited Elec Coal Cos v t 0. 2934 2934 3054
700 23
Mar 4434 Feb
16
16% 17,300 10
Jan
'New consolidated corp_* 16%
Mar 22
111 113
nited Gas Impt
U
1,400 84
Mar 14434 Jan
96
200 80
9635
Lehigh Valley Coal Sales.50 96
Aug United Light & Power A.
Mar 102
13
133.4 13,900 1234 May 28
.
52 113 34
Feb
44%
44%
11.800
new.
4534
June
_
Otte.
Coal
Lehigh Val
36% Mar 45%
United Profit Sharing
800 10
1034 1034
Aug
1074 Sept
8% 9%
400
9%
Sept U S
Libby. McNeill h 1.115hy.10
prL
efier
ghred
734 Mar 10
t& Heat, com__10 25% 243-4 25% 1,300 16
Mar 2554 Apr
145 149
230 125
Jan
Libby Owens Sheet Glase25 146
Aug 219
7
7
10
100
644 Mar
7% May
14 13,200 100 Apr
1
1%
Liberty Radio Chain St_ •
3t£ Jan Universal Pictures
• 33% 3134 3334
600 2974 July 40
Feb
28%
27
300 25
Mar 3234 Jan Utilities Pow & Lt. cl B • 1434 1334 1434
UV Brothers Corp
600 1354 Aug 18
Feb
400 3934 May 4674 Feb Utility Share Corp
40% 4144
&McAndrews Forbes, corn •
1034 1034
200
May
Feb
734
14%
13% 15% 6,000 13% Sept 1534 Oct
Madison Sq Gard Co v t c• 15
Option warrants
•
274 334 3.400
254 June
8
Feb
400
3%
33-4
3%
3
Lt Jan Van Camp Pack pref.._ _ 50 2034 2044 2044
Mar. out . .0
See,
100 20
Apr 38
Mar
48% 49
400 48% Sept 60% Sept Victor Talking Mach..100 104
102 10654 4,800 88
Marmon Motor Car.corn_•
Apr
Oct
10634
81% 81%
25 80
Aug 87
Jan Warner Bros Pictures_ • 4634 4634 5854 113,900
100
Mass Gas Cos com
June 65
8
Sept
60
60
100 36
•
McCall Corporation
Mat
26% 27%
C334 Sept Warner Quinlan Co
•
500 2334 Mar 3034 June
43
39
800 34
_ 100
Jan Wesson Oil&Snow corn vtc• 54%
Mengel Co. _
Apt 52
500 4954 June 6744 Sept
Mercurbank (Vienna)
Preferred
96% 9654
10 9254 June 9734 Sept
200
4% 43(
Sept Western Auto Sunni, partic
3% July
American shares
5
5
14 1%
200
14 Sept
2554 26
Mesabi Iron Co
pref with warrants
24 Jan
•
300 22
Mar 28
Jan
100 244 Mar 3934 Jan Western Dairy Prod cl A 36
36
Metropol Chain Stores_ *
_
____ 44% 45%
200 44
Aug 63 June
Jan Western Power. pref_ AO)
985( 9834
Middle West Util. corn_ • 11534 11434 11834 3,600 107% May 135
20 9154 Mar 99
Jan
200 98
115%"
41
Prior lien
Jan 122% Feb Wheeling Steel corn....l00 41
42%
100 41
5%
Oct443,4 Sept
200 97
100 10634 106% 107%
Jan 111% Feb White Sew Mach pref._ * 27% 275( 29% 20,300 2774 Oct 5054 Feb
7% preferred
300 41
4534
• 4534 45
2934 31
Midland Steel Prod
Mar 484 Feb Yates Ame r Mach part pi.*
400 27
Sept
July 31
2434 24%
100 21% May 25% Mar Yellow Taxi Corp, N Y •
•
Midvale Co
1334 13% 1,000
9
Mar 1734 Apr
100 10()
50 97
Feb
Miller Rubber pref_ ..100 100
Sept 103
23% 24
500 20% Mar 28% Feb
Mohawk & Bud Pow.corn•
Former Standard 011
10234 103%
150 101% May 105
•
Mar
First preferred
Subsidiaries.
99
25 90
99
• 99
2nd preferred
Mar 102
18% 1,400 1644 May 195( Jan
Aug Anglo-Amer 011 (vol sh) El 18% 18
5,000 25
• 3834 38% 41
1734 17%
Mohawk Valley Co
Non-voting stock_ _ _.41
300 1.1% Mar 185( Jan
July 4134 Aug
63
100 59% June 68
63
Moore Drop Forge. cl A. •
July Borne-Scrymser Co_ _ _-100
285 285
10 226
Sept
Jan 301
10
400 10 Sept
11%
Municipal Service Corp_ *
46% 46%
100 46% Sept 8954 Jan
13% Mar Buckeye Pipe Line
50
2
200
2
•
Mu-Rad Radio
73% 73%
134 Mar
3 Sept Chesebrough Mfg
200 65
25
Jan 755( July
•
12% 1334
800 10% July 14% Aug Continental 011 v t c__ _10 19%
National Baking, on
19% 20
9,600 1934 Apr 25% Jan
23
23% 1.000 15% Mar 26% Jan Cumberland Pipe Line.100
Nat Elec Power, class A_ • 23
107% 108
110 10734 July 137
Jan
100 94
94
94
Preferred
4634 47
Sept 101% Aug Eureka Pipe Line
150 46% Sept 63% Jan
100
100
8
Fireproofing
coin_ _60
8
Feb Galena-Signal 011 corn.100 14
Nat
1334 1634
Sept
8
15
425 1334 Sept 32% Jan
200
234 2%
National Leather
10
234 May
234
50
New preferred
41
4% Jan
100 41
30 41
Oct 85
Apr
100 97
Nat Power & Light, pref..' 10234 102% 102%
Old preferred
60
Mar 102% Jan
60
100
10 59
Sept 9754 Jan
900 154 Mar 24
19% 20
Jan Humble Oil& Refining. 25 57% 5634 58% 9.000 53% Mar 68% Apr
Nat Pub Serv, el a, corn... 1934
15% 16
200 10
•
Common,clam B
Mar 16% July Illinois Pipe Line
250 131
100 134% 1343413494
June 14434 Apr
700 30% Sept 3234 Oct Imperial Oil (Can)
National Standard Co__ • 3234 3034 32%
35% 3834 4,900 32% May 38% Jan
• 36
121% 123
123
175 102
Nat'l Sugar Refg
Mar 129% June Indiana Pipe Line
60% 60%
50 58
60
Jan 70
Mar
3834 384
100 37% Aug 384 Sept National Transit____12 50
•
Hamer Bros Inc corn_
13% 13%
300 1334 Aug 29% Jan
23% 24
200 23% June 25% Jan New York Transit
Neptune Meter. class A..'
31% 31%
100 3134 Sept 5134 Mar
100
62% 63
150 62% Sent 70
Sept Northern Pipe Line_ _ _ _100
68
New Haven Gas Light..25
68
50 68
Aug 8034 Feb
11
1,400
12
Jan Ohio Oil
94 Apr 17
New Me:& Ariz Land...!
25 58% 57% 58% 3,600 55% July 67% Jan
100 14% Feb
18
Sept Penn Mexico Fuel
200 15
18%
New-Onl Grt Nor RR_ A00 2034 20% 2034
18
25
Mar 24% July
100 110% Apr 41534 June Prairie Oil & Gas
113 113%
25 5134 5034 51% 1,900 48
N Y TeleP. 634% pref_100
Ma
60% Feb
20
200 19
20%
122% 124% 1.000 122% Sept 127% Mar
Niles-Bement-Pond Co new
Jan 274 Feb Prairie Pipe Line
100 124
20
100 1°34 Sept 21
20
10 18494 June 220
North American Cement_•
Sept Solar Refining
100 203% 203% 203%
Aug
1734 18% 4,500 1734 Sept
Northeast Power, corn...• 1734
400
37%
3734
37%
3634 Jan South Penn 011
25
34% June 50
Jan
102% 102%
102% June 10234 Sept Southern Pipe Line new...
24% 24%
North Ind Pub Serv pf 100
200 2434 Aug 27
July
13% 14
3,100 11
Northern Ohio Power CO.' 1334
83% 6354 20,000 61% Mar 70% Jan
Mar 26% Jan Standard 011 (Indiana)._25
20 774 Sept 85
79% 79%
100
2054
Nor Ontario L & P. pf .100
20%
Aug Standard 011 (Kansas). _25
134 Aug 3634 Jan
1,900 9834 May 13634 Jan Standard Oil (Ky)
400 108
12154
121
Nor States P Corp.com_100 10634 108 109
Ma 134% Jan
25 121
150 99% Apr 103% Oct Standard Oil (Neb) new_25
100 10334 102% 103%
1,100 42
455( 48
Preferred
Apr 514 May
300
934 1034
32,100 30% Apr 47% Jan
Ovington Bros, part pref.•
June Standard 011 of N Y....25 31% 3154 32
9% June 11
75 99
103 103
Pacific Gas & El ist pf 100
150 290% Aug 362
296 297
Sept Standard Oil (0) corn..100 296
Aug 103
Jan
1,600 11
12% 13
• 13
30 116% Feb 122
Pacific Steel Boiler
1183.1 11834
Apr 16% Feb
Preferred
100
July
200 4334 Apr 5034 Jan Vacuum Oil
45
45
Ponder (David) Grocery A•
25 97% 96% 98% 7,700 94% Mar 109% Jan
300 23
•
2534 27
Claes B
Apr 3634 Feb
8% 9% 7,700
Penn Ohio Secur Corp____•
634 May 1034 Sept
934
Other Oil Stocks.
120 80
80% 81
Si
Preferred
Sept 82
Sept
43
43% 5,500 43
1
650
Penna-Dixie Cement corn.. 43
4,700 650 Sept
Sept 434 Sept Amer Contr 011 Fields. 5 75c
854 Feb
200
2034 20%
204 Sept 21% Aug Amer Maracaibo Co
5% 7,800
5
Penna Gas& El CIA partic*
Mar 14% Jan
5
•
25 1044 Jan 109
107% 107%
734 7% 1,100
Penns Pow & Light pref_ •
Arkansas Natural Gas__10
Aug
n
5
1 Li JAueg
754 Sept
250
169%
165
168
100
1%
Power.
130%
1%
100
Water
&
Jan Atlantic Lobos Oil, corn..'
Penn
Mar 174
334 May
200 211
32%
32
3% 334
600
Peoples Drug Stores inc •
Mar :3434 Mar
Preferred
34 Sep
Aug
5
20 120
135 137
18
18
19% 2,300 144 Ma
Apr Beacon OA Co, corn
Phelps-Dodge Corp__ .100
May 139
Jan
1054
1,000
40
16,200
16% 16
17
Jan Carib Syndicate
Mar 67
Phila Electric common_ _25 5134 504 5134
93£ Mar 22% Feb
104 12% 9,900 10
934 934
Philip-Morr Cons Inc corn• 12
300
Sept 1234 Oct Como' Royalties
1
8% Ma
1034 Feb
•
4,800 20
20
20
14%
25 20
14
13,500
14%
Creole
Sept
Clasa A
Sept 21%
Syndicate
10
Ma
16
Sept
Plck(Albert),Barth & Co-1% 1% 1,500
Crown Cent Petrol Corp..'
7% Jan
12% 13%
Common vot trust ctf_1 1 134 12% 134 2,300 10
300 12
Apr 134 Sept Crystal Oil
1 31 Sept
a
14
Sept
100
47%
47%
RR_100
100
53
4734 Sept 4734 Sept
Piedmont & North
52% 52
Preferred
62
Sep
83% Sept
200 36
42%
42
2% 2%
300
•
Pillsbury Flour MilLs_ _50
Feb 50% Sept Darby Petroleum
75c. Apr
344 July
2% 2%
Derby Oil & Ref. com_
100
.
1
Pitney Bowes Postage
13.4
•
4
June
200
5
5
15
15
100 12) M
Apr
5
Meter Co
8% Feb
Preferred
Maay 19 June
2,050 130
166 173
lii• 1% 22,200 88.3 Ma
Pittsb & L E RR corn_ _ _50 168
1%
Mar 178
Sent Euclid Oil
1
3% Feb
100 31
5534 553-4
3%
3%
12,700
3%
Mar 60% Feb Gibson 011 Corp
Pratt & Gambert
1
95c May
7% May
9 142% Jan 163
134 1% 1,000 63o Ma
Procter & Gamble corn. _20 15334 153% 155%
Jan Gilliland 011 corn v t c__ -•
2
Jan
Pug Ser CorpofNJ1eW.. 3234 3134 32% 45,500 3134 Sept 3234 Sept Gulf 011 Corp of Pa
3,300 8
• 92% 90% 93
28
2
M
A: 95
Sept
300
28%
28
corn
P&L,
11141
2634
33
Aug 6634 Jan International Petroleum..' 32% 32
2834
15,800
Puget Sound
Jan
3751
500 35
45% 46
1% 14
Mar 47% Sept Kirby Petroleum
300
Purity Bakeries class A__25 46
•
1% Aug
3% Feb
39% 2,300 24
*i 3934 39
834 3,800
8
Mar 42% Sept Leonard 011 Develop't__25
834
Class B
Apr
Feb
1274
90 91
100' 9834 9834 98%
Mar 100% Sept Lion Oil Refining
Preferred
• 21% 21% 22% 4,700 20
8% My 2654 Feb
500 10% Mar 12% Aug Lone Star Gas Corp
12
12
40% 40%
101
100 38
Pyrene Mfg
Aug 40% Sept
42% 44% 12,200 3434 Apr 48
2
2
Jan
Rand-Kardex Bureau_ ___•1 44
Mariand 011 of Mexico...!
200
2 sA
3% Jan
eug
pt
40 205
205 207
2% 3% 30,100
June Mexican Panuco Oil_ _10
334
Sept 245
Realty Associates. corn_ •
554 Feb
234
600 30% Mar 52% Jan Mexico 011 Corp
35% 37
8c 10c
10
Rem-Noisel Ty pew corn A *i 36
3,000
Jan
Sc,
10o
Apr
600
2034
20
19% Apr 25% Jan Mountain & Gulf 011_ __1
10
1% 1%
Red Motor Car
400
1%
Jan
Aug
134
400
4% 444
4
Aug 16% Jan Mountain Producers._ _ _10 23% 23% 24% 3.600 23
Republic Mot Trucks t c-•
Jan
Apr 28
700
18
1744
15
534
New
Jan
Feb
5
5% 5% 2,200
23
Richmond Radiator corn.' 1734
Bradford 011
6% Jan
534 Au
1. erred
600 3634 Feb 42% Sent North Central Texas OIL' 10
42%
10
10% 1,000
100 4234 42
1254 Feb
8333e% MayJmu
2% 234 9,900
234 Sept
40
4c
5c
2%
Ric...mbacker Motor
1)34 Jan Northwest 011
•
1
3,000
70 June
30 9934 Apr 103
43
4334
Feb Ohio Fuel Corporation. 25
Royal Baking Powder pref.. 10134 101% 101%
800
ar 445( Aug
42% 1,200 39
Sept 504 June
St Regis Paper Co
43% 1,000 42% Sep
* 4234 39
Certificates of deposit__ ------ 43
435( Sept
100 14
16
July 24% Jan Oklahoma Natural Gas._25
16
Schtdte Real Estate Co_ •
28% 3034
300 28
Sep
pt 33
Feb
6 1 se
29% 2,000 27
Aug 29% Oct Pandem Oil Corp
Seeman Brothers, com___• 2834 27
6%
6% 7
•
1,700
t
9% May
Servel Corp (Del), com_ •
16% 17% 4,500 14% Sept
50c 60c
22% July Peer 011 Corp
•
200
2% Feb
500 May
3,200
20
,
30%
Mar
Sharon Steel Hoop
Pea
28
ooz 011
15
3034 Sept
50
1534
300 1494 July 22% Feb
600 1134 Mar 22% Jan Reiter-Foster 011 Corn15%
15
17
Silica Gel Corp. corn v to.' 15
17
18
6,900 1434 Jan 30% Aug
100 21
Aug 42
Feb Royal-Can 011 Sy ndlcate-• 210
Silver (Isaac) & Bros
2934 2954
20c 400 68,000
4
204 A pri
154 Sept
200
5
Jan hyan Consol Petroleum_ •
Singer Mfg Ltd
May
Ell
631 634
9
53.4 5%
100
7% Jan
100
7% Sept 16
Jun Salt Creek Consol 011_10
8% 1,900
734 734
8
EMU Viscosa ord (200 111e)
Apr 10
Feb
8
1,000
Sept
Jun.)
:3%
Salt
Deli recta Chrere Nat Bk..
6%
30%
Creek Producers_ _10
634 8
3054 31
Jan
1.600 28% Apr 36
800 27% June 33
South Calif Edison pf 1.1_25 2434 24% 24%
June Savoy 011
3;4
3
5
4 June
1% Feb
300
300 27
Soutb'n Cities (itil corn 25 x34% 3334 x34%
Apr 49
Jan Shrevep El Dorado P L_25 24% 21
2434 1.500
2434 Oct
1.900
class
A _ _• 23
Southern G & P,
22% 23%
2131 Jab
27% Feb Tidal Osage voting stock_• 19
1834 19% 3,200 11
Sept
7% j
Aapar 25
S'eaatern Pow & Lt. corn.' 3134 2934 3134 28,300 2134 Mar 46% Jar.
Non-voting stock
17% 1834 7,300
18
834 May 22% Sept
700 26
Voting trust certificates- 2794 2744 2744
Aug 2734 Ogy Tide Water Assoc Oil-22% 22% 23% 9,500 21
Mar
Apr 27
700 59
Participating preferred.' 68
Mar 69% Seta
6834
68
Preferred
9734 97% 97% 1,600
Mar 9944 Mar
Mar 15% Feb Venezuelan Petroleum-..5
7
Warrants to per coot stk_
934
854 9% 4,600
5%
5% 6
4'14
2.700 97
34 Jan
714 Mar
io
i6o
160
ioo
so
135-4
ioo
OCT. 2 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Other Oil Stocks
ofPrices.
Week.
(Concluded)
Par Price. Low. High Shares.
new___ •
Woodley Petroleum Corp.•
1
22Y" 011 & Goa
Wilcox Oil& Gas
28 34
84
22e
28% 29
2,000
8
831
1,000
210 23c 16,200
Range Since Jan. 1.
High.
Mar
22
4% May
54, Jan
36 34 June
934 Sept
35c May
Mining Stocks.
Amer Tin & Tungsten_ _1
Arizona Comml Mining_ _5
Arizona Globe Copper...1
1
Beaver Consol
Calumet & Jerome Copp.1
10
Carnegie Metals
1
Chief Consol Mining
Consol Copper Mines___1
Consol Nevada-Utah Corp 3
25
Copper Range Co
1
Cortez Silver Mines
Cresson Consol G M dc M.1
850
10c
14 34
3
15 34
24
3e
10%
70
800
100
12%
3
231
4e
15%
7c
234
3c
10%
9c
850
120
1431
3
3
4c
15 34
7c
231
Sc
Divide Extension
Sc •
Dolores Esperanza Corp._2
72e 86c
Engineer Gold Mines,Ltd 5
5% 534
554
70
Eureka Croesus
1
7c
8c
Falcon Lead Mines
1 740
74e 78c
First Thought Gold Min_ _1
40
3e
1
100
Forty-Nine Mining
10e 110
Golden Centre Mines
5
134
134 254
Ji
Golden Cycle Min & Red _1
1955
Goldfield Florence
1
70
70
70
Hawthorne Mines, Inc__ _1 120
110 12c
Hecla M ning
25c 1751
1731 17%
Jerome Verde Devel._ _50c 49e
49e 55c
Kay Conner CO
1
lore 131
111is
Kerr Lake
5
1
1
Keystone Mining
50c 500
50c
Mason Valley Mines
2
2
5
254
New Cornelia Copper._ -5 2234 • 224 2234
New Jersey Zinc
i00 185% 185 19034
Newmont Mining Corp_10 z73
69 z73
Nipinsing Mines
531
5
* 18% 1734 18%
Noranda Mines Ltd
15
334
North Butte
3% 33,
1
1
Ohio Copper
Plymouth Lead Mines...!
I
Red Warrior Mining •
Reorg Divide Annex__ 10e
1
San Toy Mining
South Amer Gold & Plat...1
apes head Gold Mining...I
Teak Hughes
1
Tonopah Delmont Dev1.1
1
Tonopah Extension
Mining
Tonopah
1
US Continental M Ines._ __
United Eastern Mining...1
United Verde Extens__50c
Utah Apex
5
Utah Metal & Mineral_ _1
Wenden Copper Mining..!
West End Extension
1
Yukon-Alaska Trust Ws_
50c
40
4,'
30
454
434
58e
26 •
64
214
500
9c
200
200
40
434
3c
434
234
30e
434
7c
50c
254
83(
354
2%
40
20
500
10e
200
20e
40
454
30
431
3
30e
434
70
59c
26
* 6%
2
234
40
20
5,000
100
7,000
3,700
3,000
1,800
2,400
6,200
4,000
100
1,000
3,200
2c
10%
7c
45e
8c
114
2%
134
30
13%
5o
134
Aug
AP
May
Jan
Jun
Sep
May
Apr
May
May
May
Jun
100 Aug
1254 Feb
31e Feb
96c Feb
160 Feb
21
Jan
3% July
33( May
7c June
20% Feb
140 Aug
2% Jan
6,000
3c Fe
7c Mar
500
320 Au
1
Sept
6,200
44 Au
28% Feb
20,000
3c AP
16c Aug
49,100
610 Au
80e Sept
.4,000
30 Au
10e Apr
10,000
5c Fe
198 Apr
4,300
1 M
3
May
100
131 Mar
1',.Sept
1,000
(03 July
18c
Feb
6,000
9c Sent
32c Feb
900 1534 Mar 1931 Mar
1,700 490
Oct
14 Feb
83,100
134 June
231 Mar
400
Jan
1
134 Feb
500 50c
Oct 50c
Oct
1,300
134 June
234 Sept
400 1831 May 23% Aug
80 180
Mar 210
Jan
2,400 4631 Jan 173
Oct
3,800
5 June
731 Jan
4,800 123-i Mar 1954 Aug
300
2
May
34 Jan
200
2,000
1,000
200
6,000
700
6,000
9,400
8,600
1,000
300
3,000
6,800
1,700
5,500
2,000
500
2,000
500
47c Mar
75e Jan
Jan 28e Mar
80
150 July 35e Feb
60 Apr 22e June
3c Ma
60 July
354 Feb
531 July
2c Fe
6c May
2111r Jan
413 •., Aug
234 Apr
434 Jan
May
Sc
154 Jan
44 Oct
73( Feb
Sc Sep
10e
Jan
30c Jun
59e Sept
254 Sep
133 Feb
6 31 Sept 1154 Feb
131 Feb
24 Mar
234 May
334 Jan
3c Mar
70 May
Feb 23% Jan
20
Bonds-Allied Pack deb 88-1939
Aluminum Co 7a. __ __1933
Am CI & El (33. new...2014
American Power & Light* 6s.old without warr.2016
Amer Roll Mill 68_ _1938
Amer Seating 68
1936
Amer Thread 6s
1928
Amer W Wks & El 68.1975
Amer Writing Paper 681947
Anaconda Cop Min 68.1929
Andlan Nat Corp 615_1940
Without warrants
Appalach El Pow 58_1958
Assoc Gas & Elec 6s...1955
Assoe'd Sim Hardw 6348'33
Atlantic Fruit 8s
1949
Beaver Board Co 85..1933
Bell Tel of Canada 58.1955
Berlin Electric 6315_ -1928
1929
6348
Boston&Maine RR 68 1933
Brunner Tur & Eq 7349 '55
Buffalo Gen Elec 58..1956
Burmeister & Wain of
Copenhagen 15-yr 661940
Canada SS Lines 6s. _.1941
Canadian Nat Rys 78_1935
Canadian Pacific 43451946
Carolina Pow & Lt 55.1956
Cities Service 68
1968
Cities Serv 7s. Ser D..1.•613
Commander-Larabee6s1941
Consul Clear is
1P3,
Cons G. EL&P1555. ser F'65
Consol Publishers 045.'36
Consolidated Textile fie '41
Container Corp 615____1946
Cosg Meeh Coal 6348_1954
Cuban Telep 734s...1941
Cudahy Pack deb 5340.1937
' 5s
1946
Detroit City Gas 66_1947
Detroit Edison deb 8s.1932
Duke-Prie.• Pow 1 lt 6s 131M
East Term Off Bldg 648'43
Eitingon-Schild 68.._.1i138
Flee Refrigeration 68__1936
Europ'n Mtg & Inv 734s'50
Fiat 20-yr s f
Fisk Rubber 5345 -1931
Florida Pow & Lt 55_1954
Gair (Robt) Co 75_ _ _1937
Galena-Signal 011 75-1930
Gatineau Power 59-1955
1941
65
General Ice Cream 63-48 '35
General Petroleum 6s.1928
1928
Goodyear T& It 58
GoOdy'r & It Cal 541:11
Grand Trunk Ry 6 345 1936
Great Cons Elec 6348 1950
19:17
Gulf 011 of Pa 5s
1927
• Serial 548
Hamburg Else Co 78-1935
• Havana Elec Ry 548.1951
, With corn stk purch war.
' 1936
Hood RUbber 75
Ill Central RR 43453 1913,3
Illinois Pow & Lt 5.349A954
Useder Steel Corp 7s.1.46
Indep 011 & Cle.s 6348.1931
Indiana Li m mtoneria.1941
77
106
1004 100
77
78
106
101
994.1004
103 103
993,
1 99%
1014 102
95% 9654
96
81
81
10234 1024 102%
100
9931
9731 97%
945' 94% 9451
9934
9931 99
9734 9754 9754
20
204
20
99 10031
99
100 100%
100
994 99%
98% 99
101 101
101
85% 87
86
1014 1014
214,000 7034 May 89
Jan
7,000 10531 Sept 107% Feb
218,000 984 Apr 1014 Sept
189,000 96
1,000 101
24,000 99%
5,000 101%
60,000 9234
10,000 7734
29,000 1024
2,000
44,000
27,000
70,000
11,000
44,000
27,000
6,000
15,000
5,000
3,000
27,000
Jan
Jan
Sept
Sept
Ma
Aug
Sept
1004
1034
10054
1034
9854
81%
103%
Aug
July
July
Jan
Sept
Aug
Aug
97% Sept
94% July
9254 Mar
Jan
95
184 Sr
934 Feb
9931 Jan
Ma
98
Ma
97
9451 Jan
Jun
85
99% Jan
1014
9754
1034
98
3354
100%
101%
100%
9935
10134
10134
10334
July
May
Aug
Sept
Jan
Sept
June
Sept
Sept
Sept
Feb
May
95
94
11,000
97
90,000
97
111 111% 18,000
9634 97
11,000
994 9934 27,000
943( 264,000
94
11234 11234 46,000
9834 98% 6,000
9934 99% 18,000
101% 10131 6,000
48,000
98
97
8434 85
3,000
97
9754 15,000
93% .93% 4,000
111 111% 13,000
9431 46,000
91
97
974 10,000
94
97
110
96%
97%
91%
10134
9834
9934
100
97
80
80
90
10834
91
9434
Jul
Sep
Jan
Sep
May
Apr
Jan
Aug
Sep.
Jan
Sent
June
June
Apr
Jan
July
Jan
95
9754
11434
97
100%
944
1134
99
IOC
10234
100
92
9931
9631
112
9654
9734
July
Sept
June
Oct
May
Sept
Aug
Aug
Sept
June
Aug
Feb
Aug
Jan
Mar
Aug
Sept
10734 10734 10734 14,000
1384 13634 1,000
102 34 102 34 10254 114,000
10034 1004
13,099
974 973j 9734 2,000
10254 10354 26,000
102
98
20,000
99
9054 9114 63,000
07% 97 . 97 34 68,000
934 92 .9254 192,000
10434 104 10434 4,000
924 93
93
10,000
9334 9334 9334 177,000
98
98
9834 95.000
111 112
17,000
10134 10154 15,000
98 '9831 13,000
98
9634
14,000
10834 108% 9,000
88
8234 8834 123,000
99% 9934 1004 27,000
101 34 101 34 6,000
99 • 9934 9,000
99
1043,
1
1244
100%
100
98
100%
92%
9034
9331
914
103
84
9331
9735
111
1003-4
9634
. 96
1073-4
85
98%
10034
94
Jan
Apr
Apr
May
Aug
Mar
Jan
Sept
Apr
Mar
May
May
Sept
Sept
Sept
Aug
Aug
Aug
May
Apr
Feb
Aug
Jan
10735
1364
10334
1014
98
107
10054
9335
98%
964
1054
104
95
9954
138
102%
.99%
99
109%
88%
10154
101%
100
Sept
Sept
Auc
Aug
Aug
Jan
June
July
Jan
June
Mar
mar
Aug
July
Jan
Jan
Jan
Apr
June
July
June
Sept
July
34,000 92
8.000 104
102,000 9634
10,000 100%
49,000 94
8,000 9534
151,000 98
Au
July
Sep
Sept
June
May
Sept
924
10534
96%
10074
9814
100%
11054
Aug
June
Sept
Sept
Sept
Feb
Aug
95
97
9934
9434
1i234
85
93%
. 9434
97
92
.104%
9634
10074
9731
95
9731
,9854 98
92
964
92
105
96%
10034
98
9734
984
Bonds (Concluded)-
1753
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Indianapolis P & L 68_1936
Internat. 01 Nor 58 15.1956
Interstate Nat Gas 68_1936
With warrants
Without vv irran is
Kan Gas & Elec deb (15 2022
Keyinnni• Telep 54a-1955
KrIonn (Fried), Ltd. 731929
Lehigh Pow Secur 6s...2026
Libby. McN & Lib 75.1931
Leonard Tletz. In.:, 754s'46
With stock purcb war'ts
Loews Inc 11is with war 1941
Long Meld Lta Co 89..1945
Manitoba Power 549.1951
Mansfield Min & Smelting
(Germany) 78
1941
Mass Gas Cos 5 345.__1940
Ming Mill Mach 78.,..1956
Missouri Pacific RR 58.27
Montgomery Ward 59_1946
Morris & Co 7.355____1930
97
97
97
5,000
94)4 94% 36,000
117
117 118
9834 9854
9334 9334
86
8831
86
99
9834 99
9334
93% 93
10331 10334 10334
Range Since Jan. 1.
Low.
9894 July
9434 Sept
51.000 110
23.000 9811
1,000 91
16.000 83
119.000 9034
92.000 93
7,000 10331
10054 100
995,4 9934
101%
9634 9834
100% 13.000
10031 594.000
1034 13,000
9631 25,000
99
10254 102
93
93
19
07
05i
100
9934
10234
93%
19
07
041
10234 102
10234
9335
9714
9974
945.4
9,000 102
97
97
9731
8954 8934 0
105% 10534 10534
9534 9534
9934 9934
95
9434 95
1004 9931 10034
114% 111 11434
9934 9934
9934 9931
9934 9951
1014 101 34 10134
10254 10234 10254
10031 10054 10034
100 11 100
9934
9931 99
10354 10334
116 116
56,000
166,000
1,000
26,000
5,000
131,000
183,000
124,000
35,000
5.000
6.000
3,000
130,000
16,000
2,000
141,000
9,000
16,000
96
9834
924 9334
9434 954
8734 89
10034 101 3,4
100 10034
101 10134
1004 10131
934
9
94
9
95
102 34 10234
10234 1024
1034 104
7,000
126,000
33,000
18,000
70,000
26,000
51,000
30,000
Sauda Falls Co 58_ ..I955 96
Saxon Public Wks64819511 933-1
Schulte RE Co Be__ _1935 9534
Os without corn stk.1935 88
Servel Corp Os
19311 10054
Shawsheen Mills 7s
1931 100
Siernans & Halske 75...1928. 101
1935 10134
78
634s with warrants _1951 9934
Silesian-American 75..1941 945.4
Sloss Sheffield S & I 65 1929
Purchase receipts
Solvay & Cleft
1934
Southeast P 4i L 68_20251
9431
Without warrants
Sou Calif Edison 58_19441
19511 9734
58
Southern Gas Co 648_1935
Stand Oil of NY 6348.1933 105%
Stutz Motor of Am 73-4s'37 100
Sun 0115348
1939: 99
Swift di Co 5s_Oct 15 19321 97%
Thyssen(Aug)I&S 78.1930'
Tidal-Osage Oil 78..._1931'
Trans-Cont'l 011
_1930
United Else Westph
78_-Power'
Corp (Germany) 6348'50. 91%
United Rys of Hay 7548'36'
U S Rubber serial 634s 1929* 102%
Serial 054% notes_ _19301 102
Serial 64% notes__1931'
Serial 64% notes_1933 101%
Serial 654% notes_ _1934
Serial 634% notes_ _1935
Serial 634% notes_ _1936 10054
Serial 634% notes...1937 101
Serial 634% notes_ _1938
Serial 634% notes...1939 10134
Serial 64% notes_ _1940
U S Smelt & Ref 5%5_1935 101
United Steel Wks Burlach,
Luxemburg 7s
1951 96%
U S Steel Works A 634s'51
With stk per warr, Ber A 97%
Series C
9734
1976 94%
WWarabnaaerhBRrYosM
Pie 6346_1928 11434
Webster Mi
Western Power
is 645_ _1954 10034
Foreign Government
and Municipalities.
of), Col78 series A
1945
78 series B w i
1945
Austria (Prov of Lower)754s
1950
Baden (Germany) 7e_.1951
Buenos Aires(1-rov)745'47
75
1936
751
1952
9431
100 34
9734
99
105%
98
99
9734
10174
10334
9631
Sept 1054
Apr
June
99
Jan
Aug
984 Sept
Sept 9534 June
June 10034
Oct
Aug 101
Sept
Mar 131
Jan
Aug 10454 Jan
10154
9335
107
9654
9934
99
105
1164
994
100
10054
10354
10354
11)354
10334
9934
1043.4
10
June
June
June
Aug
Sent
June
July
Sept
Sept
May
June
June
May
May
May
June
Aug
Jan
94
Mar 97
9134 Aug 9334
92 -.API' 9835
83.::,pt . 90
994 Max.
).109
96
Mji,i2 .11024
964 J.s.p A01 34
July
Sept
Jan
July
June
Jan
Sept
14
12
8:01°
0
9
9:994
4:- ''9
SeptIL4
j-10
95
921 Sept
(It
a
2,000 102
Jan 10344 June
5,000 10234 Jan 10334 May
3,000 10134 Aug 1944 May
40,000
7.000
10,000
2,000
3.000
18,000
8.000
12,000
4,000
22.000
7,000
4,000
10,000
30,000
9631 9634 53,000
9594
9631
9451
11354
964
10034
Aug
Aug
Aug
Aug
Sept
Feb
Jan
Mar 103% Aug
July 10031 Sept
Mar 10334 July
Apr 98
Apr
94
Jan
8034 Aug
1054 May
944 June
99
Sept
9134 Sent
.9954 Apr
98
Apr
-99 • Sept
11 97 4 Mar
9754 June
1014 Jan
10054 Mar
97% Jan
100 June
,Aug
95
1023.( ,Jan
10134 Mar
9434 187,000 89
101
20,000 9694
9734 101.000 974
99
1,000 95
1054 37,000 10534
102
52,000 • 102.
99
18,000 • 9734
9731 74.000 9634
10131 24.000 93
10334 3,000 10334
964 10,000 91
• 9034 91 34
110 11031
1023(10234
102 102
10134 102
10134 10134
10054 101
101 10134
10034 101
101 10134
1004 101 34
101 10134
10074 1014
101 10134
Aug 122
Sept 101
Jan 9454
Apr 894
Jan 99
Mar 9534
Oct 105
26,000 94
May 101
June
51,000 994 Jan 103% June
74,000 9214 July 9334 Sept
13
3;0
00
00 100
97
,
n9
e
J
Muar
ly 19
u
0931
0 i JA
Nat Dist Prod 645-1945 97
97
98
7.000 95
Nat Pow de Light 69 A 2026 98% 98
9831 57,000 98
Nevada-Calif Elec 58-1956 9354 0354 9334 78.000 9354
Nevada Cons 58
1941 98% 93 10034 332.000 9154
New On Tex &134 RR 56'56
10054 10034 64,000 100
111 1114 31,000 108
Nor States Pow 6343_1933 111
6358 gold notes____1933 102% 1025.4 103
3,000 10234
Ohio Power 58 ser B._1952
4348 Series D
1956
78
1951
Ohio River Edison 58.1951
Okla Natural Gas 65_1941
Otis Steel 55
1941
Pan Amer Petrol 68-1940
Penn-Ohio Edison 68_1950
Penn-Dixie Cement Os 1941
Penn Pow & Light 58_ _1952
59series D
1953
Phila. Electric 5s
1960
Phila Elec Pow 548_1972
pnIla Rapid Tran 68_1962
Porter(H K) Co 65_ _.1940
Pub Serv Corp NJ 0%8'56
Pure 011 Co 654s
1933•
Rand-Kardex Bur 5348 '31
filth.
98 34 May
9535 June
84
10954
101
101
100 14
1004
10054
1114 1;1954 June
Jan 10131 ,June
Au ....,419
June
M '400 31 June
Mar 10734 Jan
Sept 120
Jan
Jan 100% June
Jan 9831 Apr
Jan 10234 Jule
Jan 1054 May
June 99
July
May
Jan
Aug
July
Sept
Mar
Mar
9154
112.4
1034
10231
1024
1024
1024
Sept
. Aug
Apr
Apr
Jan
Apr
Apr
100 54 Mari
10034 Mar
10034 Mar
10034, Marl
100
Jan
100
Jan
102% Feb
10224 1 May
10254 May
1024 Apr
10234 Apr
Aug
103
9234 May
9634 Sept
9751 489.000 9531 Sept 9934
9754 181,000 96
Aug 100
9534 221,000 9434 Oct 9534
118 555,000 1084 Sept 122
9631 9.000 9034 May 101
10031 2,000 10031 Oct 10154
Aug
Aug
Sept
Sept
Jan
Sept
ADO:n:1111a (Dept
Danish Cons Munic 554355
Denmark (King) 545_1966
• 6s
1970
Finland (Republic) 0%s'56
German Cons Munie 75 '47
Hungarian Land Mtge Inn
7 3is series A
1961
Indust Mtge Bk of Finland
1st 231 coll 5 f
_1944
Italian.Pub Uri'75_Inst78'52
Medellin (Celort)
-1948
Nethereds (King)
88-65B '72
8348
(City)
Oslo
1946
Peru 748
1956
prusaia(Free State36 48'51
Roman Catholic Church of
'Bavaria 634s
1946
'Russian Govt 634s_ _ _1919
634% certificates...1919
534% certificates--1921
Saxon State Mtge Inv 75'45
Bwitzeri'd Govt 5411..1929
9334
93
92 34 9334 45.000
923,4 9334 47,000
go
Jag
9134 Apr
96
98
9631
9356
953.4
9534
98
9631
9354
9854
96
9834
9634
0434
13,000
39,000
33,000
4.000
32.000
954,July 984 Mar
98
Feb 964 Sept
9634 Aug 10154 Feb
9014 Sept 1004 Apr
934 Sept 97% May
9934
100
94. •
974
97
9934
100
.949734
98
9934
10054
9434
9734
12,000
44.000
23,000
30,000
134,000
• 974 9834
6.000
• .9831 99,
89 • 8854. 8934
10234 '10234 10334
1073110731
.16,000
105,000
12,00
. LOW
100
96
97
9334 Sept
9334 Oct
06
98
9934
94
944
May 994 'July
mar 100' Sept
Jan
Jan WI
Sept • 944 Sept
Mar 98', Sept
95
June
9934 Sept
9631 Jan 100
87
May 93
98 11 Jan 104
10634 Mar 10934
Mar
95% 100
9934 2
100
19
9;09
0 W 100Aug
93
1037
.14
97 704,000 9534 Sept 9i96
. ,92.:
1531
1434.14
1434
1454
984 9834
10134, 10134
9254
154
4534
1454
99
10134
12.000 1 9154
11,000 13
40.000 12
32,000 12
20.000 027.4
3,000 10134
•
Aug 94 •
Mar 174
June 17,
June 17 ,.
Mar 9974
Mar 10234
June
Mar
Aug
Aug
Aug
Oct
June
Feb.
Feb
Feb
Sept
Jan
• No par value. L Correction. I Listed on the Stock Ex,change this week, where
additional transactions will be found. o New ,stock. ,3 Option sale. 5 Ex-rights
and bonus. e Ex-cash and stock dividends. w When issued': 1z Ex-dividend.
4 Ex-rights,
•Ex-stock dividend.
1754
Inviestment ndSailtcaul Ante
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third
week of September. The table covers 15 roads and shows
0.01% increase over the same week last year.
Third Week of September.
1926.
1925.
Buffalo Rochester & Pittsburgh_
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida
Great Northern
Minneapolis & St Louis
Mineral Range
Mobile & Ohio
Nevada-California-Oregon
St Louis-San Francisco
St Louis Southwestern
Southern Ry System
Texas & Pacific
Western Maryland
384,853
5,449,992
4.391,000
109.119
41.400
3,418.000
356.567
4.936
386,991
12.525
1,981.856
546.600
4,144.577
702.617
515.148
367,423
5.264,296
4.629.000
122.105
40,700
3,150.486
420,252
6.395
409.892
12,411
2,041,536
537.767
4,230,424
773.170
397,442
Total (15 roads)
Net increase (0.01%)
Increase. Decrease.
22,446,081 22.403,299
17,430
185,696
238,000
12,986
700
267.514
63,685
1.459
22,901
114
59.680
8,833
85,847
70,653
117,706
597,993
42.782
555,211
In the following we show the weekly earnings for a number
of weeks past:
Week.
3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
25 week
3d week
June (15 roads)---June (15 roads). .-July 115 roads)....
July 15 roadsl.__.
July 15 roads).....
July 15 roads).....
Aug.(15 roads)___.
Aug. (14 roads)____
Aug. (15 roads)____
Aug.(15 roads)._
Sept (15 roads)____
Sept.(15 roads)._ _ _
Sept.(15 roads)._ _ _
Current
Year,
Previous
Year.
$
19,039,129
25.593.738
18.862.723
18,873.507
19,558,751
28,153.394
19,791.756
23.509.600
20.284,661
29,857.268
19.862.065
21,117.872
22,446.081
$
17.158,394
23.231.988
17.481.987
17,886.208
18.149,032
26,762,794
18.665.206
22.158,613
19.377,682
28,327.016
19.068,090
21.681,685
22.403.299
Increase or
Decrease.
%
$
+1,880.735 10.96
+2,361,750 10.17
+1.380,736 7.90
+987.299 5.52
+1,409,719 7.82
+1,390,600 5.19
+1,126,550 6.03
+1,350,987 6.09
+906,979 4.68
+1.530,252 5.40
+793.975 2.99
-563,813 2.60
+42.752 0.01
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country,with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Net Earnings.
onih
1925.
1924.
Increase or
Decrease.
1925.
1924.
Increase or
Decrease.
Aug_ _ 554,559,318 507,537,554 +47,021,764 166.558.666 134,737,211 +31,821,455
Sept__ 564,443,591 540.063.587 +24.381,007 177,242,895 159,216,004 +18,026,891
Oct _- 590,161,046 571,576,038 +18,585,008 180,695,428 168,640,671 +12,054,757
Nov- 531,742,071 504,781,775 +26,960,296 148,157.616 131,381,847 +16,775,769
523,041,764 504,450,580 +18,591,184 134,445.634 124,090,958 +10,354,676
1926
1925
1926.
1925.
Jan -- 480,062,657 484,022,695 -3,960,038 102,270,877 101,323,883
+946,994
Feb _ _ 459,227.310 454,198.055 +5.029,255 99.480.650 99,518,658
-38,008
March 528,905,183 485,236,559 +43.668,624 133,642,754 109,081,102 +24,561,652
April. 498.448.309 472.629.820 +25.818.489 114.685,151 102.920.855 +11
@FedFRASER